The rich are also feeling the pinch
SA's wealthy have a mountain of debt and are feeling the strain, writes Marcia Klein
Pressure on the economy due to interest rates is taking its toll on the rich as well as on the poor. Wealthy people earning between R300000 and R650000 a year are "borrowed to the hilt" and are under enormous strain, said Carel van Aart of the University of South Africa (Unisa). He said these are people who have bonds, motor finance and credit cards, and whose houses and cars are now being seen at auctions.
Consolidate your debt now before you need debt management. Check out your home loan before you lose your house. Compare credit cards before you have to cancel them. The crunch is here don't get caught cold.