WATCH: Index shows 40% rise in people seeking debt counselling
Business Day TV speaks to Business Day companies reporter Nico Gous
15 May 2023 - 18:03
byBusiness Day TV
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Consumers, particularly those aged 40 to 59, are taking larger unsecured and payday loans. Picture: Dean Drobot / 123RF
According to DebtBusters’ Debt Index the number of people seeking help from debt counsellors grew 40% year-on-year in the first quarter. The data also showed that consumers spent close to two-thirds of their net income to pay off debt.
Business Day companies reporter Nico Gous joins Business Day TV to unpack how high inflation and interest-rate hikes squeeze disposable income and hamper consumers’ ability to repay liabilities.
Support our award-winning journalism. The Premium package (digital only) is R30 for the first month and thereafter you pay R129 p/m now ad-free for all subscribers.
NEWSROOM CROSSING
WATCH: Index shows 40% rise in people seeking debt counselling
Business Day TV speaks to Business Day companies reporter Nico Gous
According to DebtBusters’ Debt Index the number of people seeking help from debt counsellors grew 40% year-on-year in the first quarter. The data also showed that consumers spent close to two-thirds of their net income to pay off debt.
Business Day companies reporter Nico Gous joins Business Day TV to unpack how high inflation and interest-rate hikes squeeze disposable income and hamper consumers’ ability to repay liabilities.
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Number of people seeking help from debt counsellors rises 40% year on year
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Consumers feel pinch of rising cost of debt servicing
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