New data from debt counsellor, DebtBusters, shows that debt exposure has worsened for most income groups in South Africa compared to recent years.
income groups in South Africa2016, those taking home R20,000 or more have unsecured debt levels that areThe financial situation of SA consumers continues to be challenging, even two years after the beginning of the coronavirus pandemic, he said.
Compared to 2016, those consumers who applied for debt counselling in Q1 2022 had 31% less disposable income. Sager said that consumers need to spend around 62% of their take-home pay to service their debt before coming to debt counselling. “More alarmingly, the debt-to-income ratio for the top two income bands is at its highest level recorded in Q1 2022 compared to the same periods in the past: 125% for those taking home more than R10,000 per month, and 150% for those taking home R20,000 or more each month.”
The debt to annual net income ratio for most income bands is at its highest level ever for Q1 consumers, he said.Vehicle debt has increased in the last few years, indicating that more consumers with assets are
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