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Personal finance | Escaping the 'unsecured loan' debt trap

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Many South Africans aren't able to get through the month and are resorting to unsecured loans.

South Africans are feeling the pinch of escalating living costs and rising unemployment. Now many aren't able to get through the month and are resorting to unsecured loans. Benay Sager, the head of DebtBusters spoke with eNCA's Gareth Edwards. Courtesy of

JOHANNESBURG - South Africans are feeling the pinch of escalating living costs and rising unemployment.How today's debt impacts your tomorrow"They must deal with paying back money that they borrow at the end of the day, when you borrow a sum of money you are liable for paying it back," he said. "Whatever solution you go with you will be liable to pay back the money that you borrowed eventually."

 

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