SA families struggle with high cost of living
A debt counselling firm says cash-strapped families in SA suffer under continuous fuel and food price hikes.
CAPE TOWN - Debt counselling firm Debt Busters said on Monday that many cash-strapped South African families are struggling to pay their monthly bills due to soaring food and petrol prices.
The firm found on average there's been a 14 percent rise in the cost of some foodstuffs over the last nine months.
A series of fuel price hikes in recent months have had a knock-on effect on, among other things, food and transport costs.
Debt Busters CEO Ian Wason said most people's salaries aren't increasing enough to support their lifestyles.
We're finding that it's putting increasing stress on consumers, many who have multiple credit agreements and expensive interest rates that they're on the debt spiral. At some point they won't be able to borrow any more money from Peter to pay Paul.