Everybody's struggling - debt expert

Cape Town - Middle class consumers and some with very high incomes find themselves over-indebted because they are reluctant to lower their standard of living, according to Debt Rescue CEO Neil Roets.

Roets told Fin24 in a studio interview that this is a very big problem. "(With) all the price increases, they cannot afford that style of living anymore and (still) don't want to work on that.

He said "we're always comparing ourselves with the Joneses and people don't want to face the fact that they have to lower their standards".

"Unfortunately, with the current economic climate we're in, people must be realistic.  They must also know that they're not alone ... everybody's struggling...   almost half of all credit active consumers are over-indebted but you just don't know about it."

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- Fin24

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