SA’s middle class sinking deeper into debt
South African consumers allocate almost half their income to debt repayment, with the middle class nearing 80 percent.
According to the Eighty20’s 2023 Credit Stress Report, the fourth quarter saw a decline in outstanding balances and home loan values.
Vehicle finance experienced a notable decrease in loan numbers.
READ: SA avoids slipping into recession
Stricter credit extension measures are observed as banks write off overdue debts.
The outlook remains cautious, with signs of improvement amidst economic challenges.
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