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Consumers are taking home 33% less today in real terms than they did in 2016

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New data shows that relentless increases in interest rates and inflation are pummeling middle-class South African consumers – who have had no significant increases in take-home pay over the last five years and now rely on unsecured credit to keep their heads above water.

This data comes from DebtBusters – one of South Africa’s largest debt counsellor companies – which has compiled its quarterly Debt Index from data provided by clients who have applied for debt counselling.

According to DebtBusters’ Q3 2022 Debt Index, there has been more than a 30% increase in demand for debt counselling compared to the same period in 2021 – indicating the financial stress South African consumers are currently experiencing.
8 Nov 2022 1PM English South Africa Business News · Investing

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