A perennial problem for South Africans, personal debt is skyrocketing – as a recent annual survey by a major financial institution has revealed. More than double the usual number of respondents said they had taken out personal loans this year. Some 58% of households are facing “overwhelming financial stress levels as they plunder their savings and take on more debt to meet expenses”. So what if the financial hole gets too deep? Carte Blanche investigates complaints by some debt review customers who say the hoops they had to jump through to get back into the black were just too traumatising.
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