If your salary is gone within five days of you receiving it, you aren't alone. As many as 56% of middle-income consumers in SA have spent all of their monthly income in five days or less of receiving it. This is according to a recent media release issued by FNB, which defines middle-income consumers as those earning a gross monthly income of between R7,000 and R60,000. "These consumers tend to struggle with money management, leading to sacrifices in important areas such as emergency saving for unforeseen expenses," says the CEO of FNB Retail, Raj Makanjee. "High spending and limited savings cause consumers to rely on credit to get through the month, making them more vulnerable to being caught in a debt trap." More than half of consumers miss at least one debit order over a 12-month period, indicating the pressure consumers are under, says another of the bank's execs. "For almost 40% of such customers, debt repayments make up more than half of their take-home pay, which we consider t...

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