South Africa’s largest debt management company, DebtBusters, says they have seen an increase of 41% in the number of people who want to undertake debt counselling. Many consumers are battling to make ends meet due to the high cost of living. There has also been a rampant increase in payday loans as consumers try to supplement their salaries.

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Sources:
1. https://www.businessinsider.com/middle-class-wages-pandemic-real-estate-housing-inflation-recession-billionaires-2022-11
2. https://smartasset.com/investing/investment-calculator#UdFPyw3Ile
3. https://www.cnbc.com/2022/11/15/as-retail-credit-card-interest-rates-soar-know-this-before-you-apply.html
4. https://finance.yahoo.com/news/u-consumer-debt-jumps-credit-200234769.html
5. https://www.nbcnews.com/business/consumer/credit-card-interest-rates-hit-record-high-rcna56373
6. https://www.prnewswire.com/news-releases/auto-loan-interest-rates-skyrocketing-edmunds-experts-share-money-saving-car-shopping-tips-ahead-of-black-friday-weekend-301682594.html

We are witnessing the fall of the middle class. As the fed begins to raise interest rates and the costs to borrow money increases we will see more people and more families reliant on their credit cards. As this begins to happen, more people will begin to default on their payments pushing people into a period in which they will have to either sell their homes, cars or assets in order to make ends meet. We are witnessing the collapse of the middle class.

My suggestion here is to reduce your monthly expenses as it pertains to monthly interest rates that are being charged by lending institutions and instead invest that money into long term assets such as great stocks or perhaps real estate.

#realestate #housing #creditcard