A credit counselling service says more and more younger people are looking for financial advice to get out of debt. As CBC’s Tanushi Bhatnagar reports, young Vancouverites are less than optimistic about their financial future.

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Facing rising rent, high interest rates, and student loan debt, MMI finds millennials are now the age group most asking for help.

According to the Debt Index by DebtBusters, the number of people seeking help from debt counsellors grew 40% year-on-year in the first quarter. The data also showed that consumers spent close to two-thirds of their net income to pay off debt. Companies Reporter for Business Day, Nico Gous joins Business Day TV to unpack how high inflation and interest-rate hikes squeeze disposable income and hamper consumers’ ability to repay liabilities.

DebtBusters urges consumers to budget wisely to accommodate inflation and rising interest rates.

The number of South African consumers seeking help to manage debt soared in the first quarter with enquiries at South Africa’s largest debt counsellor up 31% compared to the same period in 2020; that’s according to DebtBusters.

Benay Sager, head of DebtBusters joins me now

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