Loan Digest

Demand for debt counselling grows as consumers struggle with finances

  • 📰 SowetanLIVE
  • ⏱ Reading Time:
  • 12 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 8%
  • Publisher: 63%

Loans Loans Headlines News

With the rising interest rates and high inflation, many more South Africans are seeking help to manage their increasing debt burden, with demand for debt counselling growing by 40% compared to the same period in 2022.

According to DebtBusters, the Debt Index shows that when compared to the first quarter of 2016, consumers who applied for debt counselling in the first quarter of 2023 had 38% less purchasing power, as well as

unsustainably high levels of unsecured debt and a higher debt-service burden – with an average 65% of net income being used to service debt...If you have already registered or subscribed, please sign in to continue.

 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 13. in LOANS

Loans Loans Latest News, Loans Loans Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

What property South Africans can get with a salary of R60,000 a monthDespite high interest rates, property demand for wealthy South Africans remains relatively stable.
Source: BusinessTechSA - 🏆 24. / 61 Read more »

Demand for debt counselling grows as consumers struggle with financesDemand for debt counselling grows as consumers struggle with finances: With the rising interest rates and high inflation, many more South Africans are seeking help to manage their increasing debt burden, with demand for debt counselling growing by 40%…
Source: SABreakingNews - 🏆 41. / 51 Read more »