Consumers take out loans to cover inflation-related costs
Despite high interest rates, inflation is the reason people are borrowing more to make ends meet
17 August 2023 - 18:23
More South Africans are turning to personal loans as financial lifelines, borrowing more to make it through the month despite the highest borrowing costs in over a decade, a survey has found.
The second-quarter DebtBusters debt index, a quarterly review of data drawn from debt counselling applications, released this week shows the average loan size has increased by 78% since 2016, with unsecured debt on average 26% higher than in 2016...
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