Debt counselling, consolidation and monitoring company DebtBusters has reported a striking reduction in consumers’ spending power over the past eight years, driven by sustained high interest rates, electricity and fuel price hikes and the compounding effects of inflation.
Despite nominal income increasing by 2% over the past eight years, people who applied for debt counselling in the second quarter of this year had 44% less purchasing power than in 2016, it said. ..
Would you like to comment on this article?
Sign up (it's quick and free) or sign in now.
Please read our Comment Policy before commenting.
Subscribe now to unlock this article.
Support BusinessLIVE’s award-winning journalism for R129 per month (digital access only).
There’s never been a more important time to support independent journalism in SA. Our subscription packages now offer an ad-free experience for readers.
Cancel anytime.
Questions? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now.