Bad to worse for South Africans earning more than R20,000 per month

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South Africans are struggling to keep up after one of the worst financial years in nearly two decades.

Recent financial data indicates that South Africans are struggling to keep up with the country’s cost of living at the start of 2024, especially those earning over R20,000 per month.

Those taking home between R20,000 and R35,000 a month have to spend 64% of their income towards debt repayments, while those earning R35,000 or more a month need to use over– a 4% increase from 67% recorded in Q3 2023. “More alarmingly, the average interest rate for unsecured debt is now at an eight-year high level of 25.6% per annum,” said Sager.

The Debt firm stated that 2023 was probably one of the most financially difficult years on record for South Africans.

 

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