The latest credit stress report confirms that borrowing money to pay their debts has become a lifeline for millions of South Africans, leaving them stuck in a debt spiral caused by a relentless onslaught of economic forces. 💵 Finances
Against this backdrop of desperation, the news from Statistics SA that annual consumer price inflation shot up to 7.0% in February 2023 from 6.9% in January due to food price inflation climbing even higher, is devastating, he says.
“During National Credit Education Month in March, it is important to highlight the most significant right consumers should demand: a stable economy where all South Africans can prosper and a stop to the relentless cost-of-living increases that decimate people’s lives. The sad fact is that nobody seems to be listening anymore.”
He says the elephant in the room is, of course, the many millions more who are not credit compliant and are simply hanging on by their fingernails.
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