, says the current financial strain has seen a 53% increase in debt counselling inquiries and a 130% increase in subscriptions for online debt-management tools, according to the Debt Busters 2022 Debt Index.However, it’s also led to a rise in credit applications – indicating an increase in people struggling to sustain their lifestyles.
“If you know you can’t resist an online shopping spree, unsubscribe from the retailer emails. Identify your weaknesses to be more mindful of your finances.” Ndimande says mismanaging credit, like store accounts, can lead to even heavier financial burdens. “As tempting as it is to use your retail credit account for purchases, cash is king and can help limit spending. For example, if you’ve got R1 000, that’s all you’ll spend.