South Africans are increasingly turning to credit to survive cost-of-living increases.
This is according to Debt Rescue CEO Neil Roets, who analysed the “Eighty20/XDS Credit Stress Report” for the last quarter of 2022 to raise awareness during National Credit Education Month in March.
It is clear that the country is at a tipping point and heading for a catastrophe the likes of which we have not seen beforeThe report states the mass credit market segment has seen their credit card balance balloon by R2.5bn last year, an increase of 23%, indicating increasing reliance on credit for everyday purchases.
“These statistics show that South Africans are increasingly turning to credit to survive the relentless onslaught of cost-of-living increases that seemingly have no end in sight,” said Roets.
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