Compared to the same period five years ago, the debt-to-income ratio across all income bands in SA is now at 122% and has reached 152% for those taking home R20,000 or more.
The 2021 debt index for the second quarter shows that although the debt burden is growing, debt counselling is working. Stock photo.
“Consumers enquiring about debt counselling are spending about 60% of their take-home pay to service debt,” the report says. Sager said debt levels had increased substantially and the number of open accounts had decreased for consumers applying for debt counselling, both of which indicate that consumers are seeking help sooner.
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