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Debt Trap

Debt Trap

Debt Statistics in South Africa currently stand as below, and are on a daily incline:  

There are 24.31 million credit-active consumers, the percentage of consumers in bad standing is now 40.15% (9.76 million), 2 out of every 5 credit-active consumers. This is 8 million more than the total number of employed people in South Africa.

Consumers owe as much as 75% of their monthly income to creditors, while 60% of the population are struggling to meet their monthly repayments for their home loans and credit cards.

Only 23% of South Africans have money left at the end of the month, with the other 77% left broke at the end of the month and no means of saving money.

Over 11 million of South Africa’s credit-active consumers are described as over-indebted.