Survey shows 80% take loans to help them pay their monthly bills
Almost 80% of South Africans seek expensive unsecured loans to help them meet their monthly financial obligations, a survey by fintech platform PayCurve shows.
The findings highlight South Africans’ deteriorating finances in an economy that was already in a recession, with a third of the labour force unemployed, before the first Covid-19 case was confirmed. Central bank data show household debt stood at 73.7% of disposable income in the first quarter and the cost of servicing these obligations consumed 9.3% of households’ income.
11% of respondents spent more than half their monthly income paying off short-term debt and 43% pay more than a fifth of their salaries towards such loans
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