Business Day | Purchasing power has plunged 42%

According to DebtBusters' fourth-quarter 2024 Debt Index, consumers who sought debt counselling in the fourth quarter had, on average, 42% less purchasing power than they did in 2016 and a higher debt service burden. While nominal incomes have risen by 2% over the past eight years, cumulative inflation of 44% has eroded real incomes, leaving households with far less ability to spend.

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