SOUTH AFRICANS ARE SWIMMING AND DROWNING IN DEBT

While the cost of living is on the rise the world over, in South Africa the debt is rising too. We can say that South African are swimming while others are drowning in debt. According to the latest report by Debtbusters as South Africans we are borrowing more than we can pay and this is a behaviour is getting worse claims the report.

The recent quarterly Debtbusters report shows that South African consumers’ debt has increased significantly in the past four years compared to what they earn, the highest was the last quarter this year in 2019.

Benay Sager, Chief operating officer at Debtbusters says. “The report found that the debt-to-income ratio has gone up massively over the last few years and this is particularly concerning ahead of the festive season, when we know people are under the pressure to spend more” Debtbusters is South Africa’s largest and most trusted multi award winning debt Management Company.

Since their establishment they have already helped over 60 000 people to manage their debt and to help ease their financial frustration.

“The number of debt clearance certificates issued to Debtbusters’ clients increased by 69% per year between 2015 and 2019 this is ten times increase almost this is just on a four-year duration. This year the organisation granted almost 5,000 clearance certificates.

“This means that more people are seeking help and then making the effort to settle their debts and become debt free. Debt counselling is helping thousands of South Africans get a fresh start in life,” Says Debtbusters. Remember to spend your money well.