06/12/2017
This is clear evidence that a growing number of consumers are getting ever deeper into debt and need help from debt counselors to get out from under the debt mountain most of them had accumulated over the past years,.
Seven findings about debt in South Africa:
- Consumers owe as much as three quarters (75%) of their monthly pay to creditors;
- More than half (53%) of respondents are in the age group 31-45, and there is a substantial spike (39%) in applicants who want to go under debt review who are under the age of 25;
- Consumers who are struggling to pay their home loans currently stand at 56.86%
;
- Consumers who are battling to pay off their credit card debt are running at 58.83%
;
- As much as 38.67% of consumers who have a bank accounts do not know what interest rate they are getting on their savings accounts.
- 22.19% of consumers have no idea of what they’re paying in banking fees;
Only 23.42% of South Africans have any money left at the end of the month- the other 76.58% are flat broke.