South Africans are broke. And more and more people are turning to credit cards to cover their living expenses.
The latest report from the Experian Consumer Default Index (CDI) paints a concerning picture of the financial health of South African consumers, with the rising cost of living taking centre stage.
And while the raw data is concerning, Neil Roets, CEO of Debt Rescue, one of the largest debt counselling companies in South Africa, said that their own research reveals that about two-thirds of the population are grappling with inadequate nourishment, with 66% of participants in the survey indicating that they are skipping meals due to financial constraints.
“To make ends meet, people are opting for cheaper, less nutritious food, which may have dire consequences, especially for families with young children,”…