Drowning in debt: Harsh reality for many South Africans – and alarm bell for banks

Many South Africans are creating debt just to make it through the month, with implications for Johannesburg-listed banks.
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Already staring a recession in the face, the South African economy struggled immensely when the strict Covid-19 lockdown restrictions were implemented. Many South Africans lost their income in the first few months. As businesses shut down, thousands of jobs were lost. South Africans who were fortunate enough to keep their jobs during this time are still struggling, with many relying on expensive loans and debt just to make it through the month. Consumer debt woes are weighing heavily on SA banks, warns leading financial services analyst Kokkie Kooyman. – Jarryd Neves

By Jarryd Neves

In South Africa, many individuals face a stark reality. With an unemployment crisis, people are lucky enough if they have a steady monthly income. Many – just in order to survive – find themselves taking out expensive loans and creating debt to fund basic living expenses.

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