Financially stressed South Africans are increasingly turning to debt to make ends meet – and unscrupulous lenders are banking on it.
South Africans struggling to make ends meet are being fleeced by unscrupulous lenders who are claiming up to 75% of an employee’s paycheck through agreements with their employer.
This stress is a result of stubbornly high living costs in South Africa, which has seen skyrocketing food prices, high interest rates, and record hikes in fuel costs – all of which have eaten into stagnant disposable incomes over the last 18 months – leading despite South Africans towards credit to make ends meet.
The study’s lead researcher, Stephan van der Merwe, explained that in South Africa, the formal route to gain a garnishee order is to approach the courts, where the magistrate would look into the matter and decide what amount should be deducted from one’s paycheck.– ensuring what’s left is enough for the maintenance of the person and their dependants,” he said.
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