South Africa is facing a huge debt crisis with Finance Minister Enoch Godongwana’s latest budget revealing a worsening deficit from 4% to 4.9% of GDP.As the nation reels from a cost of living crisis stifling economic growth, Head of National Debt Advisors Sebastien Alexanderson is concerned about the crippling effects of the shrinking economy on South African consumers.
He said the financial strain on consumers is palpable, with the latest TransUnion South Africa Industry Insights Report revealing many concerning trends, including a sharp 34.7% year-over-year increase in retail revolving accounts. “This significant spike in the use of retail credit accounts and other forms of borrowing indicates that many are struggling to cover their daily expenses in the current economic climate.”: It’s essential to fully grasp your income, spending patterns, and saving habits. You should consider diversifying your income streams to bolster your financial resilience.: Despite inflation, saving remains vital – and investing in interest-yielding assets can help preserve and grow your savings over time.
Source: Loan Digest (loandigest.net)
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