Despite modest salary increases of just 2% to 13% over recent years, South Africans are struggling as inflation has surged by 46% since 2016, significantly diminishing their purchasing power.
Despite modest salary increases of just 2% to 13% over recent years, South Africans are struggling as inflation has surged by 46% since 2016, significantly diminishing their purchasing power,latest Debt Index for Q2 2024, there has been a notable rise in consumer demand for debt management services in South Africa, highlighting growing financial strain.
‘If one considers that since 2016, electricity tariffs increased by 135%, petrol prices doubled, and inflation’s compounded impact is a 46% increase in CPI, then it is perhaps not surprising that 82% of consumers who applied for debt counselling in Q2 2024 had a personal loan.’Compared to 2016, those seeking debt counselling in Q2 had 44% less purchasing power, despite nominal incomes rising by 2% over the same period and inflation growing by 46% since 2016.
More worryingly, the average interest rate for unsecured debt has reached an eight-year high of 26.0% per annum.
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