The situation is likely to be exacerbated in the coming months as the ‘perfect storm’ of rising interest rates and growing inflation leads to more cost of living increases, the group said.
“Over the past six years the average loan size has increased by 45% and the number of debt obligations decreased by 19%. This indicates that consumers have more debt per credit agreement and are sooner reaching the point where they are no longer able to qualify for credit.”While the lockdown has impacted all income groups, DebtBusters’ data shows that South Africa’s middle-class have been some of the hardest hit.
On average, consumers were spending about 62% of their take-home pay to service their debt before applying for debt counselling. Those taking home more than R20,000 or more per month need to use two-thirds of their income to repay debt. “Average interest rates for bonds and vehicle finance started to decrease from the second quarter in 2020, thanks to the Reserve Bank’s multiple rate reductions.
Source: Healthcare Press (healthcarepress.net)
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