South Africans paying off debt

South Africans managed to cut their spending, but it was too little too late, according to the Reserve Bank's quarterly bulletin released on Friday. Household debt rose to a 73 percent in the third quarter. While consumer spending showed some signs of responding to the interest rate hikes, it was evident that the economy was still in effect of rampant debt spending.

South Africans managed to cut their spending, but it was too little too late, according to the Reserve Bank's quarterly bulletin released on Friday. Household debt rose to a 73 percent in the third quarter. While consumer spending showed some signs of responding to the interest rate hikes, it was evident that the economy was still in effect of rampant debt spending.

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