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JOHANNESBURG (Reuters) - South Africa’s biggest debt counsellor, Debt Busters, has seen a 40% spike in enquiries for its service in January, its head Benay Sager said on Thursday, as relief measures to cushion the impact of the COVID-19 crisis on consumers came to an end.
Debt counselling is a process outlined in South African credit law, whereby struggling consumers get help from a consultant who negotiates with creditors to reduce interest rates and consolidate and cut down monthly payments.
Many in the country were already struggling with high levels of debt before the coronavirus crisis hit, and Sager said as relief measures like payment holidays came to an end it had been “inundated with requests”.
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