Personal Finance | Thriving in Economic Downturn
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Intro: A Business Tech article last week reported, “Credit check
data from PayProp reveals that South African renters earning
under R40,000 per month are still under significant financial
strain, spending over 50% of their income on debt. The 475 basis
point hikes in South Africa’s interest rates have driven consumer
debt levels to unsustainable heights.” For context, Stats SA
reported the average monthly earnings in November, 2023, to be
R26,894. As the famous South African proverb says, “Kuningi, and
it’s getting kuningier.”
data from PayProp reveals that South African renters earning
under R40,000 per month are still under significant financial
strain, spending over 50% of their income on debt. The 475 basis
point hikes in South Africa’s interest rates have driven consumer
debt levels to unsustainable heights.” For context, Stats SA
reported the average monthly earnings in November, 2023, to be
R26,894. As the famous South African proverb says, “Kuningi, and
it’s getting kuningier.”
