Description
South Africans who cannot get credit from banks or need money quickly are increasingly borrowing from retailers, microlenders and online lenders, according to new research.
The overall ratio of debt to annual net income is rising again and now stands at 126%.
For people earning more than R50,000 a month, debt repayments take up 97% of their take-home pay. Their debt-to-income ratio is 300%, down from a peak of 340% in Q3 2024, but still the highest of any income group.