With the rising interest rates and high inflation, many more South Africans are seeking help to manage their  increasing debt burden, with demand for debt counselling growing by 40% compared to the same period in 2022.

According to DebtBusters, the Debt Index shows that when compared to the first quarter of 2016, consumers who applied for debt counselling in the first quarter of 2023 had 38% less purchasing power, as well as unsustainably high levels of unsecured debt and a higher debt-service burden – with an average 65% of net income being used to service debt...