Cape Town – South Africans are the world’s biggest borrowers but aren’t very good at paying back their debt, according to a debt review expert.
Explaining why debt is an issue that needs more attention and awareness, Debt Rescue CEO Neil Roets told Fin24 that 9.4 million active credit consumers in South Africa are overindebted, “meaning they are in arrears of at least three payments on one of their accounts”.
When people apply for debt review, Roets said he sees how desperate they are. One of the many mistakes people make is to “attempt to borrow their way out of debt”.
He said a World Bank report claims South Africans are the biggest borrowers in the world. In 2013/14, 86% of South Africans took out a loan, said Roets.
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