Desperation as payday loans and credit are used to afford food
Dohne Damons
A stark reality has taken hold in South Africa, as a staggering 66% of its population found themselves skipping meals in the past three months due to the inability to afford three square meals a day. The dire state of affairs has been highlighted by Debt Rescue Africa, shedding light on the harsh truth that many are grappling with basic living expenses.
In a recent interview on Kaya Biz, Gugulethu Mfuphi engaged in a candid conversation with Annaline van der Poel, the head of new business at Debt Rescue Africa. The conversation laid bare the distressing statistics that reflect the current predicament of South Africans. The situation, already challenging before the pandemic, has been exacerbated byincreasing interest rates in 2023.
The Household Affordability Index, overseen by the Pietermaritzburg Economic Justice & Dignity group (PMBEJD), closely monitors food price data from 47 supermarkets and 32 butcheries nationwide on a month-by-month basis.
It shares the news of the household food basket’s cost escalation. A basket increase of R25.48 (0.5%) from June 2023 a tR5 056.45 amounts to R5 081.94 in July 2023. The items that bore the brunt of inflation, surging by 5% or more, are essential foods like white sugar (7%), potatoes (8%), eggs (5%), and fish (7%) – staples needed to create nutritious meals.
The staggering rise in food prices greatly impacts consumer finances. The increasing disparity between salaries and the soaring cost of living pushes many to resort to credit cards for food purchases or payday loans – a desperate measure that comes with high interest rates, further burdening already strained budgets.
While the situation appears bleak, there is a glimmer of hope in proactive financial planning. Van de Poel suggests an honest assessment of spending habits and the creation of a practical plan that aligns with individual financial well-being. Amidst the challenges, retailers are striving to support consumers. This support however is limited by factors like loadshedding and escalating fuel prices.
Listen to the full conversation here:
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