WHEN she and her husband barely had money for food at the beginning of the month, Constance Haneke knew something had to change.
“When I first started working, I was doing okay financially,” says the 33-year old, who lives in Cape Town. But as time went by, she opened multiple clothing accounts and it spiralled out of control. “I’d get paid and after all the debit orders had gone off I’d be left with just under R300 in my account.”
She then started taking out loan after loan every month to survive. “When I couldn’t repay the loans anymore, I realised we had too much debt,” Constance tells YOU. “My family barely had anything to eat.”
At that point, Constance and her husband were more than R100 000 in debt.
Sadly, Constance’s story isn’t unique. A 2021 study by Genesis Analytics and the Financial Sector Conduct Authority (FSCA) revealed that more than 50% of South Africa’s credit-active consumers are overindebted.
“Slow economic growth and high unemployment coupled with rising prices for food, petrol and other basic goods have had a significant impact on the credit needs of South Africans and their ability to repay debt,” the report said.
When you’re struggling to just make it through the month – or even worse, you’re not making it through and getting into more debt all the time – what hope is there of ever clawing your way out?
Bu hikaye YOU South Africa dergisinin 2 February 2023 sayısından alınmıştır.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber ? Giriş Yap
Bu hikaye YOU South Africa dergisinin 2 February 2023 sayısından alınmıştır.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber? Giriş Yap
HOW TO BE YOUR OWN THERAPIST
With more and more of us struggling with our mental health, here's a common-sense guide to coping with life's ups and downs
SPUD: THE MAGIC CONTINUES
John van de Ruit tells us why he decided to write a sequel - and shares how his first book helped him find enduring love
SEX CONTRACT GONE WRONG
A Cape Town couple have been charged with using a young woman as a sex slave-but some say she lost the job she signed up for and now has a grudge against them
LIAM LAID TO REST
More than a month after One Direction singer LIAM PAYNE (31) tragically fell to his death from a balcony in Buenos Aires, Argentina, his loved ones finally got to say their goodbyes.
SHILOH HANGS OUT
THE two young women look like any pair of good friends chatting and laughing as they leave their dance class in Los Angeles.
LEO IN LOVE
He's just turned 50 and it seems Leonardo DiCaprio may finally be ready to settle down
PACKING A PUNCH
Irish actor Paul Mescal beefed up for his role in the blockbuster epic Gladiator II - and fans are loving it
I DIDN'T CHOOSE TO BE A LOVE CHILD
As the illegitimate daughter of the king, she fought to be recognised as part of Belgium's royal family, but Princess Delphine says she still feels unwelcome
'I STILL HAVE NIGHTMARES'
A bite from a spitting cobra 13 years ago nearly killed her but Mikayla survived - and she's made peace with her scars
THE CLAWS ARE OUT!
Things have grown frosty between the Beckhams and the Sussexes as Becks comes out in clear support of William