Contrary to popular belief, the majority of indebted black professionals get into debt to support family members and not to feed a flashy lifestyle.
This is according to research conducted by Lifecheq, a personal finance advisory organisation based in Cape Town and Johannesburg.
The research, conducted on a sample of 150 Lifecheq clients last year, 84% of those with high debt took a loan to help a family member or to adjust to a loss in the family.
Eighty percent of these professionals are supporting family members financially and otherwise, while 32% got into debt because of a vehicle finance on a luxury car.
The study further shows that 24% of these professionals are working side jobs to make ends meet.
Lifecheq chief execu…
Read the full article at: https://www.iol.co.za/weekend-argus/news/dispelling-myth-of-black-debt-17848828