South Africans are in trouble. Deep trouble. Warning signs have been flashing since late 2022 when disturbing results from the Eighty20/XDS Credit Stress Report for Q4 2022 showed an increasing appetite for credit among South Africans, with more than 800 000 new entrants into the credit market in the fourth quarter of 2022 – the highest since the Covid-19 pandemic.
This, compared with 600 000 the previous year, signalled a deepening debt spiral among more than 18 million consumers – more than one-third of