- The state of the debt crisis in South Africa is alarming and a recent study highlighted some shocking results
- A survey conducted by DebtBusters on 14 000 SA adults found that more than 30% of most people’s salaries are going to debt repayments
- Women seem to be more conscious of debt than men are, however, salaries are just not living up to the cost of basic needs
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"Debt" is not a foreign word in Mzansi. A recent survey has revealed that a huge portion of South African citizens are using more than half of their monthly salaries to cover debt repayments.
With unemployment at an alarming level and salaries not meeting basic needs alongside inflation, the people of SA are struggling.
A survey conducted by DebtBusters on 14 000 SA adults found that more than 40% of participants are spending more than half of their monthly salary on covering debt repayments, as reported by Sunday Times.
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DebtBusters head Benay Sager highlighted that 72% of all respondents need 30% or more of their take-home pay to repay debt. A shocking reality!
“If one considers that we deem 30% of take-home pay to be the level at which debt repayments can be managed sustainably, we can conclude that 72% are in an unsustainable debt position.”
The middle- to lower-income earners seem to suffer the worst. Those earning between R20 000 and R35 000 had a figure of 80% spending more than 30% of their take-home on debt.
Another interesting finding was how women seemed to be more worried about their mental and physical health and financial state than men.
“This highlights the burden that comes with the critical role women play in South African society and is something to consider as we approach Women’s Day,” says Nosiphiwo Nxawe, manager of payments at DebtBusters.
The shocking statistics had some Mzansi citizens crying out for help:
Christell Pretoruis said:
“Try age 33 as well please I started at age 27 to look after my family and it’s getting every month every year more and more difficult to provide for 7 people on 2 small salaries.”
MJ MJ said:
And the poverty line will never break for many. Families expect homes, feel entitled to the money of their kids and treat them as cash cows. To get to a point of saying “no” is so important. Setting boundaries and not forcing one’s self to constantly get into debt. It’s tough love. Nothing more. And long-term better. My family is included in this. I know the stress, the constant struggle and the root of it all. I know the history. I also know many who end up committing suicide and others waiting outside banks at midnight to withdraw cash!”
Patti Hansen said:
“Hell NO, I think Every age is struggling every colour of the rainbow struggling. No age to what this government is putting us through. I see everyone looking for bargains on food I mean cheap to survive.”
Sad reality of unemployed graduates hits hard: Stunning graduate takes to social media in search of employment
In other shocking news, Briefly News reported that gone are the days where a tertiary education ensured you employment. A beautiful and educated young woman decided to take to social media to find employment as she knows how tough it is out there.
The state of South Africa has many fearing what the future holds. Highly skilled and qualified people are on the streets, and some do not even know what the point of studying is anymore.
Twitter user @miranda_sibisi is an unemployed graduate desperately seeking employment. She decided to take to social media with a brief CV in hopes of finding a job.
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Source: Briefly News