Debt Rescue’s latest Janu Worry Survey reveals that many South Africans are entering the new year under immense financial pressure.
Annaline van der Poel, COO of Debt Rescue, shared on SAfm that 64% of South Africans are in debt and have no savings. Despite this startling number, 38% of households are prioritising saving money as a New Year’s resolution.
Turning to Credit and Cutting Back
The survey also uncovers some additional concerning trends. Many people are turning to credit cards just to cover basic needs. Even more worrying, 38% of respondents plan to cut back on food expenses, raising questions about long-term health and nutrition.
60% say they’ll reduce spending on clothing, a tough decision, especially as the school year begins and families need uniforms and other essentials.
Finding Solutions in Tough Times
For those who have already cut back on essentials and still can’t make ends meet, professional help may be the next step. This interview is a must-listen for anyone seeking guidance on managing debt and handling financial pressures in the year ahead.
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