The South African Civil Society Information Service

South Africa's Credit Crunch
13 May 2008

This Al Jazeera report contends that middle class South Africans, are shopping themselves into a debt hole, living beyond their means trying to maintain a flashy lifestyle they cannot afford.

Easy borrowing has fueled in-debtedness. The debt to income ratio is over 70% and we have the banks, who've been dishing out credit without verifying people's ability to service their debt, to thank for this situation.

Read more articles tagged with: South Africa, economy.

You can find this page online at http://sacsis.org.za/site/article/18.19.