Consumers feel pinch of rising cost of debt servicing
Consumers are taking home 33% less today in real terms than they did in 2016
08 November 2022 - 13:09
Consumers are turning to unsecured credit to supplement their income as they feel the burden of increasing inflation and interest rates, compounded by the absence of meaningful increases in real income, a survey says.
DebtBusters, a debt management company that helps South Africans find financial solutions, released its Debt Index quarter 3 survey on Tuesday, which found that consumers faced a higher debt-service burden, held unsustainably high levels of unsecured debt and had far less purchasing power compared to all previous periods...
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