The South African Reserve Bank says data showing that 70% of the average household monthly income of middle-income earners is spent on servicing debt. ECRNewsWatch SARB
The findings are contained in the Eighty20/XDS Credit Stress Report for the first quarter of 2023.
The report also shows the credit card balance of the so-called Mass Credit Market ballooned by R2.5 billion in the past year, an increase of 17%.Cosatu hails proposed two-pot retirement system"It properly means that some people have too much debt relative to their earning potential and it is a big problem in society, people take on more and more debt.
"I think that the best thing consumers can do is to save, not to get into unnecessary debt, and to manage their finance as carefully and cautiously to put money away for a rainy day. It is a very scary picture."
South Africa Latest News, South Africa Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
South Africa: Suspended Public Protector Alleges Extortion and Corruption - South African News Briefs - June 14, 2023
Read more »
South African rand stable ahead of Fed meetingThe South African rand was little changed in early trade on Tuesday as the dollar slipped ahead of key U.S. inflation data and a Federal Reserve monetary policy meeting.
Read more »
South African Innovator Is Re-Inventing The LightbulbCapetonian David Harte, 64, has invented and patented a light bulb socket able to mechanically and electrically interface both screw-type and bayonet-type light bulbs as well as downlight-type light bulbs.
Read more »
South African Party to Host Talk by Homophobic Kenyan AcademicAs the Economic Freedom Fighters (EFF) celebrates its 10th anniversary, the opposition party's move to host Professor Patrick Loch Otieno Lumumba at the University of Cape Town has been slammed over the academic's anti-gay stance. The EFF invited Lumumba to present a public lecture at UCT's Sarah Baartman Hall at the university on July 24, 2023. However, Lumumba's support for an anti-homosexuality bill passed in Uganda prompted calls for the university to prevent Lumumba from making a public address. EFF leader Julius Malema's response, however, was that Lumumba was invited to allow different views.
Read more »
Revised Mazda2 in the pipeline for South African introduction | The CitizenOfficially the Hiroshima marque’s oldest model as it debuted nine years ago, the 2 benefitted from an initial raft of revisions in 2019 that also saw the long standing Demio moniker depart in its home market. 🚘 Read more here ➡️
Read more »