Consumer income for the second quarter (Q2) was 21% less and unsecured debt was 32% higher on average compared to five years ago, according to the latest Debt Index from DebtBusters.
This has confirmed that the debt situation of South African consumers is getting worse, with the average debt-to-income ratio at its highest level ever.
The DebtBusters’ 2021 Q2 Debt Index, which tracked client trends quarter-on-quarter and over the past five years, showed that enquiries about debt counselling also increased by 18% compared to a year ago, said Benay Sager, head of DebtBusters.
