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Personal Finance | Cost of living is forcing people into debt review | City Press

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The figures for the first quarter of this year show that the demand for debt counselling grew by 40% compared to last year. Nearly all consumers (96%) who apply for debt counselling have a personal loan. How are you coping with the cost of living crunch?

The report shows that there has been a growing demand for debt counselling as consumers struggle under increasing debt repayments and higher living costs.

Customers applying for debt review are spending an average of 65% of their net income on paying debt. Those taking home R20 000 or more per month put 70% of their income towards debt repayments. People earning less than R5 000 a month are spending 74% of their income on debt repayments before entering debt review.

He says an analysis of those under debt review shows that the share of vehicle debt as a percentage of total debt has increased in the past few years.

 

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