By 2022 it left the middle class in mountains of debt

2022 was the year that left the middle class seriously in debt as rising fuel and food prices ate into their earnings, forcing them to take out more credit. They now spend 66% of their income paying off loans. South African consumers were hit with two rate hikes in the third quarter, with the prime lending rate 3.25% higher than this time last year. This means people with a home loan of Rs 1.5 crore had to come up with an extra Rs 3,000 a month just to cover their dues. And that was before the latest 75 basis point increase…

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