For many consumers in South Africa, the year 2022 brought increased financial strain as consumers struggle to keep up with rising inflation and debt – worsened by aggressive interest rate hikes. According to a DebtBusters debt index, consumer demand for debt counselling shot up 30% during the third quarter of 2022, compared with the same time last year.
Most debt counsellors in South Africa used the industry-wide Debt Counselling Rule Set , which allows voluntary concessions such as excluding certain charges, adjusting contractual fees and interest rates and other repayment terms.
Source: Loan Digest (loandigest.net)
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