Wealth Creation – More South Africans turn to personal loans as financial lifelines
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GUEST – Benay Sager, head of DebtBusters
Personal loans have become a lifeline for many more South Africans over the past seven years and debt-to-income ratios for top-income earners are at all-time highs. These were some of the findings from DebtBusters’ Q2 2023 Debt Index, a quarterly review of data drawn from debt-counselling applications.
Benay Sager, head of DebtBusters, says while the SA Reserve Bank did not increase interest rates in July following a better-than-expected inflation forecast, there have been 10 successive interest-rate increases since November 2021.
Personal loans have become a lifeline for many more South Africans over the past seven years and debt-to-income ratios for top-income earners are at all-time highs. These were some of the findings from DebtBusters’ Q2 2023 Debt Index, a quarterly review of data drawn from debt-counselling applications.
Benay Sager, head of DebtBusters, says while the SA Reserve Bank did not increase interest rates in July following a better-than-expected inflation forecast, there have been 10 successive interest-rate increases since November 2021.
