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Concerns raised over SA consumer debt

It’s released staggering figures that reveal 40% of South Africans who have debt are struggling to make their monthly payments.

Empty wallet. Picture: sxc.hu

CAPE TOWN - The Debt Counselling Association of South Africa is calling for an integrated approach to managing the nation’s debt.

It’s released staggering figures that reveal 40% of South Africans who have debt are struggling to make their monthly payments.

The association’s Paul Slott said there were many consumers who had up to eight loans.

“The consumer will tell the credit card supplier what they think they need to know in order to get the credit card.

The credit carder, in my view, uses the legislation slightly incorrectly. Consumers use too much of their income to repay debt. What remains is not sustainable.”

Under current legislation, consumers can borrow up to 88% of their annual take-home income.

Slott said the legislation itself is not solely to blame.

“It can be used correctly. But from a consumer point of view, the behaviour of consumers is very important. If you’re using more than 35% of your salary to repay debt, then you need to ask yourself why.”

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