South Africans are getting poorer and using debt to live

According to the latest figures released by debt counselling group DebtBusters, clients seeking its advice had, on average, 15% to 20% less disposable income than they did in 2015.Unsecured debt is credit that is granted and that is not linked to a fixed asset such as a vehicle or a house. It includes overdrawn bank accounts, personal loans, store credit and credit cards.

According to DebtBusters, average debt levels over the past four years have increased by 13%. This is well above the average 2% increase in income – which means South Africans are significantly less well-off than they were in 2015. The Momentum/Unisa financial vulnerability index for the second quarter of 2019 has already shown that debt is the biggest factor that makes consumers vulnerable to financial difficulty.

Eish jah... Cyril’s economy

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