South Africans Increasingly Rely on Payday Loans as Financial Pressure Mounts

South Africans are increasingly turning to retailers, microlenders and online lenders for cash as financial pressure mounts. DebtBusters’ latest Debt Index shows banks now account for just 65-percent of new debt counselling applicants’ borrowing, the lowest level on record. Almost two-thirds of applicants have payday loans, while the average person has a record 8.8 credit agreements. Benay Sager of DebtBusters says middle-income earners are particularly squeezed by rising living costs, with growing financial stress among younger and older consumers:

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