JOHANNESBURG - More and more South Africans are taking personal loans, to make ends meet according to the latest Debt Index from DebtBusters.
95-percent of consumers who applied for debt counselling during the second quarter of 2023 had a personal loan.
On top of that, consumers are using unsecured credit to supplement their income.
DebtBusters' Benay Sager says the rest of the year doesn't look much better, "I expect 2023 to continue in the same fashion."
"Although, the interest rate hike has been paused, the interest rates are still at very elevated levels and there are still a large number of consumers out there who are feeling the burden of this."