According to research conducted by the World Bank, South Africa holds the dubious honour of being the biggest borrowers in the world.
Kudough, a registered credit bureau released a statement on Tuesday, 23 April and said, “In fact, it was shown that more South Africans had loans than jobs. This inclination towards going into debt, fuelled by high unemployment and a historically lax credit lending industry has eroded not only the personal financial capacity of millions of South Africans, it has also had a secondary more insidious influence.”
For this week’s #WisdomWednesday, the Herald spoke about the issue to Maricia du Bruyn, our local financial expert who is also an accountant.
She has often given consumers tips on how to cut back on unnecessary spending that may ultimately lead to more financial struggles and consumers becoming overwhelmingly indebted.
