Warning to anyone using credit in South Africa

• South Africans are indeed sliding into a debt trap, where credit is increasingly being used to cover basic daily expenses rather than financing long-term assets.
• Experts warn that household debt is becoming a crisis, with 40% of respondents experiencing significant financial stress and half of respondents frequently expressing concerns about their debt.
• Banks are being criticized for using 'financial inclusion' as a marketing buzzword to justify pushing more debt onto low-income households, and experts are calling for reforms to lending criteria, incentives, and products to address the crisis.