A good salary is not protection against debt, report highlights
The first index was released in early August, revealing that most people who apply for debt review through Debt Solutions 4u spend more than half of their income on unsecured debt repayments; this includes personal loans, credit cards and store accounts.
The inaugural South African Financial Pressure Index (SAFPI) has highlighted that a good salary will not protect many people from debt, as the more an individual earns, the more credit they may be offered.
The index found that personal loans account for most money owed by applicants, followed by credit cards, store cards, other credit, cellphone contracts, furniture accounts, clothing accounts and student loans.
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