Most South Africans have no choice but to go into debt for everyday items such as cell phones and vehicles.
This is the latest findings of the World Bank, whose report stated that South Africa’s total credit card and store card debt is R18 billion, reportsThe shocking statistics reveal that 73% of all disposable income is spent on servicing debt, 39% of consumers have at least one account overdue, only 6% save for retirement, 58% of people struggle to meet monthly repayments, and the average debt per person in South Africa is R70,000.
Experts at Kudough Financial Rehab say this inclination towards going into debt, fuelled by high unemployment and a historically lax credit lending industry, have eroded not only the personal financial capacity of millions of South Africans, but also negatively affects physical and mental health. With South African monthly salaries effectively one-third of salaries for the same job in first world countries such as the UK, most South Africans have no choice but to go into debt for everyday items such as cell phones and vehicles.
There are also instances where a consumer’s credit report is incorrect. This means the consumer may be branded with a poor credit rating in error.
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