By Katlego Sekhu
According to the latest Debt Busters report, we as South African consumers are sinking deeper into debt.
The all-inclusive debt to annual net income ratio across all income bands reached its highest level ever at the end of 2021.
There’s other debt that is not counted here such as debt made from friends and family during January.
Thomas and Skhumba want to know if you loaned someone money recently and got paid back as promised? Also, did you settle all your short-term debts?
Thomas shares, “December last year, a friend of mine asked for money before we even got paid. I bumped into her at the mall with her mother and asked for my money back.”
One of Skhumba’s friends got arrested and borrowed R3000 bail money from him. This morning, the friend is already coming up with excuses why he hasn’t paid him.
A listener shares, “firstly, nobody owes me money. I do not borrow people money – it’s a rule. If I borrow you money I do not go over R1000. I have left friends because of money and I am not going down that route again.
“I will call you and I’ve been fortunate that my friends pay me back. The ones that haven’t, to this day I’ve written them off.”
Ayanda from Dawn Park owes her whole family money. “No one owes me money. I owe people, from my mother to my son and my brother. It’s tough out here,” she says.
Ntswaki, who’s a loan shark says her clients are already late. “Others are already late. I’ve been loaning people money for about three years now. If you are not paying, I’m coming to your place to fetch your belongings.”
Are you struggling with your debts? There are a few articles on our website that may be helpful:
Slave to debts? – Experiences with debts and the lesson learned
