Consumers are warned about getting trapped in the debt spiral, as rising inflation and interest rates add to their financial pressure. It is now more important than ever before for consumers to reduce the cost of credit and protect their assets.
The past six years showed a material decline in disposable income and a higher debt burden are contributing to the financial challenges many South African consumers face as indicated by the increased demand for debt counselling, with inquiries increasing during the first quarter of 2022 by 32% compared to the first quarter of 2021.
