South Africa's rising inflation rates and stagnant incomes have created the perfect storm for surging debt as more consumers turn to credit cards and personal loans to make it through the month.
The economic fallout from the Covid-19 pandemic is still being felt by consumers. South Africa's unemployment rate has risen to record highs, and for most of those who've managed to keep their jobs or find new ones during two years of widespread retrenchments, salaries have been cut, unchanged, or in the best-case scenario, matched with rising inflation rates.
