Are financial institutions doing enough to help those in need — or is the system failing to provide sufficient assistance? Stock photo.
Are financial institutions doing enough to help those in need — or is the system failing to provide sufficient assistance? Stock photo.
Image: 123RF
With nearly 20-million South Africans holding R2.5-trillion in loans, the question is: are financial institutions truly helping borrowers — or is the system failing them?
The latest Credit Stress report shows a 3.2% increase in total debt, with overdue balances now at R200bn. Credit card and retail debt are growing, while home loans and vehicle financing trends vary by age and income.
The report highlights that credit acquisition peaks between the ages of 35 and 45, yet many are struggling with overdue balances.
While good credit management is essential for building wealth, rising debt levels suggest that more support is needed to prevent financial hardship.
Are financial institutions doing enough to help those in need or is the system failing to provide sufficient assistance?
Are financial institutions doing enough to support borrowers?
Yes, they offer flexible repayment plans and debt-relief programmes to assist borrowers in managing their loans responsibly.
No, they could offer better education on managing debt and more proactive solutions to prevent people from defaulting on loans.
We will never get financial liberation as long as banks keep offering us loans.
Not sure, I need more information.
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