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.
Consumers earning more than R20 000 per month have the highest total debt to annual net income ratio at 150%, which means they are under the most financial pressure. The total debt to income ratio is the percentage of net income required to pay debts before signing up with DebtBusters. The index shows that total debt levels which include secured and unsecured debt increased by 21% compared to the third quarter of 2016. This increase is lower than inflation and much lower than unsecured debt growth.
Compared to a few years ago, the consumer age profile of the index indicates increasing financial stress in the 45+ age group.
Source: Loan Digest (loandigest.net)
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:
South Africa Latest News, South Africa Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Blackouts continue this weekIt's back to darkness for South Africans, who have enjoyed a slight reprieve from blackouts. The sun will shine and fill my batteries So VoetsekANC voetsekRamaShithead voetsekESKOM IMFNews IFC_org BBCWorld WHO EU_Commission eu_eeas AusGov NewZealandGov EnglandGov MoodysInvSvc stat_world questCNN MinPres NEDemocracy en_germany UKParliament DailyMailUK SwedenUN swiss_un FBI FitchRatings UN FoxNews SkyNewsBreak
Source: eNCA - 🏆 49. / 51 Read more »
South Africa: Experts Called to Probe KwaZulu-Natal Quakes - South African News Briefs - November 7, 2022Experts Called to Probe KwaZulu-Natal Quakes - South African... allafrica: SouthAfrica
Source: allafrica - 🏆 1. / 99 Read more »
Things in South Africa aren’t as bad as you think: analystSouth Africans feel understandably bleak about the country’s future, but Intellidex’s Stuart Theobald says we should look at the bigger picture for perspective. Nice uplift article for once “Analyst” obviously isn’t living in DBN where riots and floods have caused severe infrastructure and environmental damage. If the government response to fiscal issues is similar, we are doomed. JFC, this is some severe copium. The person who penned this honesty believes that our power problems are about to be fixed.🤣 And doesn't even mention the disintegration of our water and sewer infrastructure, or rail, or ports, or roads, or our fuel sector.....
Source: BusinessTechSA - 🏆 24. / 61 Read more »
These are SA’s best-selling budget carsShopping for a car under R300,000? Here are the ones most popular with South Africans R300 000, this amount is trending.
Source: TimesLIVE - 🏆 28. / 59 Read more »
SA Twitter floods Alicia Keys with cheesecake recipe suggestionsSA Twitter floods Alicia Keys with cheesecake recipe suggestions South Africans are asking US singer Alicia Keys to bake a cheesecake following Sonia's explosive cheating allegations against Matthew Booth.
Source: TheSAnews - 🏆 25. / 59 Read more »
70 Murders a day in South Africa - TLU SA writes a strongly worder letter to Ramaphosa - South Africa TodayTLU SA believes that every resident of South Africa has the right to live in freedom from violence and therefore Mr Henry Geldenhuys, TLU SA President wrote a letter to the country’s president to remind him of his responsibility towards South Africans. In a strongly worded letter to President Cyril Ramaphosa, Mr Geldenhuys focuses on […]
Source: SATodayNews - 🏆 44. / 51 Read more »