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Big trouble for South Africans earning more than R20,000 per month

Big trouble for South Africans earning more than R20,000 per month
Big trouble for South Africans earning more than R20,000 per month

Debt levels for South Africans earning more than R20,000 a month are reaching record levels, where households are now spending two-thirds of their income paying off debt.

The latest DebtBusters Debt Index for the first quarter of 2024 shows that persistently high interest rates and inflation – especially food inflation – continue to erode consumers’ disposable income, while a lack of any meaningful economic growth is constraining salaries.

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