More South Africans are turning to debt to make ends meet.
The latest Eighty20/XDS Credit Stress Report for the fourth quarter of 2022 shows an increasing appetite for credit among South Africans, with more than 800,000 new entrants into the credit market over the period.
Even more worrying is that these new entrants took out R9.3 billion in new loan value, the highest in more than 2 years, and up nearly 10% on last year. According to CEO of Debt Rescue, Neil Roets, these figures 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”.
“During National Credit Education Month in March, it is pertinent to highlight the most important right consumers should demand – a stable economy where all South Africans can prosper, and a stop to the relentless cost-of-living increases that are decimating people’s lives. The sad fact is that nobody seems to be listening anymore,” he he said.
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