Reitumetse Makwea
Digital Intern
2 minute read
9 Jun 2021
5:40 am

1 in 2 South Africans drowning in debt

Reitumetse Makwea

19 million credit-active South African citizens appear to be in financial duress.

Picture: iStock

Inquiries about debt counselling have increased as more than 19 million credit-active South Africans appeared to be over-indebted and the official unemployment rate reached a record high of 32.6% in the first quarter of 2021. Statistics South Africa released earlier this year by the SA Human Rights Commission revealed that more than 50% of SA’s credit-active consumers are over-indebted and, coupled with widespread retrenchments and salary cuts, consumers were financially stressed in 2021. According to the National Debt Counsellors Association (NDCA), some members have recorded increases of more than 30% as middle-class South Africans battled to make ends meet. ALSO...