It’s a financially challenging time for most households. With interest rates rising, many are spending even more money on debt repayments or taking out loans to help make ends meet.
A report released recently, compiled by one of the country’s biggest banks, found that 42% of South Africans across various income levels cannot manage their debt.
This indebtedness has caused 67% of the respondents to worry about their debt to the point that it negatively affects their mental health.
As the festive season draws to a close, it may be tempting to let your financial guard down and enjoy what’s left of your disposable income.
But it is also a good time to reflect on your financial portfolio so you don’t find yourself sinking deeper into the debt hole.
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