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Johannesburg - The number of South Africans receiving debt counselling is expected to surge five-fold to 150 000 by June this year, and this estimate may be conservative, a debt management expert said on Thursday.
"We received a mass of applications from indebted South Africans over the festive season and particularly since January 1; we don't expect the numbers to subside any time soon. We've been handling debt review cases for more than a year now and the first week of this year has been our busiest period ever," said Luke Hirst, MD of debt management firm Debtbusters.co.za.
Hirst expects debt review cases to soar once the bills for Christmas gifts and festive season spending arrive in the post boxes.
There are currently 28 000 South Africans under debt review, with the National Credit Regulator's projection figures suggesting that as many as R200 000 South Africans could be under debt review by the middle of this year.
- I-Net Bridge