Stubbornly high interest and inflation rates means that South Africans are finding it harder to make ends meet and feeling the effects of financial stress.
But for many, the prospect of taking action to deal with unsustainable debt repayments is daunting, as they may feel they don’t know who to trust.
The 2023 DebtBusters’ Money Stress Tracker survey found that three out of four South Africans feel money stress, with particularly women admitting to the effects of financial stress at home and work and on their health.
A consequence of this is inaction in dealing with unsustainable monthly debt repayments. The survey found that less than 15% of people took any positive action including seeking help from a debt counsellor.
“This is partially because they don’t know who to trust, or want more time to think, something that is especially true for people aged 45 or over,” said Benay Sager, chairperson of the National Debt Counsellors’ Association (NDCA).
Read the article on Sowetan Live.