Nearly 30 000 debt judgments involving a total of R388.6 million were passed in South Africa in April according to Statistics South Africa. Some 72 003 summons for debt were also issued in the same month.
South Africans are increasingly pressure as the debt crunch catches up with them. According to the National Credit Regulator, 189 000 joined the ranks of bad debtors in the first quarter of this year.
There were 20.08 million credit-active consumers at the end of March. Those with bad debts increased stood at 9.53 million.
Despite this appalling picture there were 15.26 million enquiries from consumers seeking credit during the period.
The question, most people would want to know is: Why do people get into debt?
(23 VIEWS)
The role of social media on how people get their news in Zimbabwe is being…
Ten African countries are amongst the biggest debtors to China, but Zimbabwe is not among…
The Reserve Bank of Zimbabwe’s Monetary Policy Committee, which met on Friday last week, says…
Zimbabwe’s new currency further weakened to 13.4407 to the United States dollar today down from…
The United States lost its place as the most influential global power in Africa last…
The Reserve Bank of Zimbabwe governor John Mushayavanhu says street money changers who cash in…