WHEN she and her husband barely had money for food at the beginning of the month, Constance Haneke knew something had to change. “When I first started working, I was doing okay financially,” says the 33-year-old, who lives in Cape Town. But as time went by, she opened multiple clothing accounts and it spiralled out of control. “I’d get paid and after all the debit orders had gone off I’d be left with just under R300 in my account.”
She then started taking out loan after loan every month to survive. “When I couldn’t repay the loans anymore, I realised we had too much debt,” Constance tells YOU. “My family barely had anything to eat.”
At that point, Constance and her husband were more than R100 000 in debt.
Sadly, Constance’s story isn’t unique. A 2021 study by Genesis Analytics and the Financial Sector Conduct Authority (FSCA) revealed that more than 50% of South Africa’s credit-active consumers are overindebted.
“Slow economic growth and high unemployment coupled with rising prices for food, petrol
