Debt Crisis in South Africa
Over 10 million consumers in South Africa are unable to repay their debt.
About 29 million consumers, including individuals and companies, are in debt. Economists argue that debt can be beneficial as it provides access to housing, education, and business opportunities, as well as allowing companies to invest in infrastructure and production.
However, many South Africans are borrowing to survive, with the National Financial Ombud Scheme stating that credit is shifting
“from a tool for upward mobility to a survival mechanism”. A significant portion of borrowers, approximately a third, have impaired debt, characterized by missed payments, adverse credit listings, and potential legal action.
The number of consumers with impaired debt has increased from 9.9 million in 2022 to 10.5 million in 2025.
Author's summary: South Africa faces a debt crisis with over 10 million consumers unable to repay.
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