An increasing number of middle income families are finding themselves with debt.
According to a survey by BrandMap, those earning R20 000 per month or more spend an average of about 60 percent of their income repaying debt. This translates to a debt-to-income ratio of 127 percent.
Bond and vehicle repayments take up the bulk of middle-class incomes, and the increased cost of living has only added to this burden. In the period between 2017 and 2020, South Africa’s middle-class had shrunk from 6.1 million to 2.7.
Guest: Annaline van der Poel – Debt Counselling
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