South Africa’s middle class is in big trouble

[BusinessTech]

South Africa’s middle class is in big trouble

The latest debt index from DebtBusters shows that South African consumers are falling further into financial trouble, as people turn to unsecured credit to supplement their paycheques.

 

[dualmeister]

It was to be expected as they are supporting the rest of the Nation.

 

[rvZA]

This is typically what happens when a government aims to collapse a whole economy and kill off the middle-class in order to do away with inequality. When these announcements were made by government officials, this was projected and pretty much expected.

 

[Scooby_Doo]

Interest rate hikes be like. "Hold my beer".

 

[Cius]

Interest rate forecasts are scary, next two years there are a ton of hikes coming according to the economists.

 

[My_King]

Pay SARS, it's the lawful thing to do

Then pay your debts

 

[Cius]

Interest rate forecast consensus for Jul 2023:

Nedbank: 4.75%
FRA markets: 5.5%
SARB QPM: 5.5%
Current rate: 3.5%

The hikes are predicted to be fairly steady over the next two years starting now. Good for savers, not so good if you are in heavy debt.

 

[mojoman]

This is typically what happens when a government aims to collapse a whole economy and kill off the middle-class in order to do away with inequality. When these announcements were made by government officials, this was projected and pretty much expected.

Ja, soon you will either be fkg poor....or fkg rich....
The 2 Classes of Souf Afwicans....

 

[LCBXX]

The ANC benefits most if it can keep South Africa rural.

 

[rvZA]

Ja, soon you will either be fkg poor....or fkg rich....
The 2 Classes of Souf Afwicans....

Correct, but the rich won't be counted. Most of the private rich individuals will also be sharing with the government officials. There will be only one class. All poor. All working for R4k a month, whether you are a cleaner, a bank manager, an accountant, a CA, a Doctor or CEO of a company.

 

[NarrowBandFtw]

African solutions for African problems: drag everyone into poverty, viola, middle class is greatly expanded only the definition of middle class is now someone who can barely afford to feed themselves

same way they fixed education: lower the standards so everyone passes and claim the increased pass rate is success

 

[Aghori]