WATCH: A nation in debt

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.

WATCH:

- Fin24.

Help us help you by taking our second annual Debt survey and you could win R3 000, or add your voice by  sharing your debt  experiences, debt-busting tips and insights. Have a question? Ask our experts.


ZAR/USD
17.72
(-0.40)
ZAR/GBP
23.16
(-0.08)
ZAR/EUR
20.80
(-0.13)
ZAR/AUD
12.69
(-0.23)
ZAR/JPY
0.17
(+0.01)
Gold
1998.20
(-1.49)
Silver
27.91
(-3.95)
Platinum
968.00
(-1.62)
Brent Crude
44.95
(+1.33)
Palladium
2214.99
(-0.61)
All Share
56757.73
(-1.56)
Top 40
52435.65
(-1.72)
Financial 15
9897.96
(+0.10)
Industrial 25
74671.49
(-1.98)
Resource 10
58948.78
(-1.89)
All JSE data delayed by at least 15 minutes morningstar logo
Company Snapshot
Voting Booth
Do you think it was a good idea for the government to approach the IMF for a $4.3 billion loan to fight Covid-19?
Please select an option Oops! Something went wrong, please try again later.
Results
Yes. We need the money.
11% - 945 votes
It depends on how the funds are used.
74% - 6297 votes
No. We should have gotten the loan elsewhere.
15% - 1296 votes
Vote