South Africans are getting poorer and are increasingly turning to debt to fill the holes in their budgets
According to the latest figures released by debt counselling group DebtBusters, clients seeking its advice had, on average, 15% to 20% less disposable income than they did in 2015.Unsecured debt is credit that is granted and that is not linked to a fixed asset such as a vehicle or a house. It includes overdrawn bank accounts, personal loans, store credit and credit cards.
According to DebtBusters, average debt levels over the past four years have increased by 13%. This is well above the average 2% increase in income – which means South Africans are significantly less well-off than they were in 2015. The Momentum/Unisa financial vulnerability index for the second quarter of 2019 has already shown that debt is the biggest factor that makes consumers vulnerable to financial difficulty.
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