There has been a substantial increase in financially distressed consumers applying for debt review in the past financial year.

Neil Roets, CEO of debt counselling firm, Debt Rescue, said the company had shown a growth rate of well over 20% in the number of clients seeking debt counselling.

Earlier this week, Capitec bank also reported that it had notched up a 20% growth in its clients that had applied for debt review. The bank said 15% more customers had handed in retrenchment letters as supporting documents to be placed under debt review….

1,000 SA families are losing their homes every month to crushing debt