Debt rises as virus eats paycheques
(WorldNews Africa)

The end of June marked the end of payment holidays offered by many lenders, but many consumers` pockets remain empty as a result of the Covid-19. According to the DebtBusters debt index for the second quarter of 2020, unsecured debt increased by 18% in comparison to 2016 levels. For those earning R10 000 or more, the unsecured debt levels rose by between 30% and 40%. This means consumers are increasingly using unsecured debt to supplement their dwindling incomes. Benay Sager, DebtBusters` chief operating officer, said payment holidays offered by lenders to consumers at the start of the lockdown was similar to putting ice on an injured knee. The ice provides much-needed temporary relief, but...