Most South Africans need about two thirds of salary to pay debts – report | The Citizen

Most income groups need about two thirds of their take home salary to pay their debts and with no meaningful increase in real income, the combination of rising interest rates and inflation is choking consumers who are borrowing more in an attempt to find breathing space. According to DebtBusters’ 2022 Debt Index for the third quarter, debt counselling enquiries increased by 30% compared to the same period a year ago, indicating the financial stress consumers are currently experiencing. The index also shows that an increasing number of inquiries are from consumers who were first-time buyers of assets, such as houses…

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