A lot of financial strain is put on the father figure to support the family unit, according to Sebastien Alexanderson, founder and debt counsellor at National Debt Advisors (NDA).
He said, “Credit is often turned to in a time of need, but can very quickly turn to over indebtedness, and it remains a huge challenge in our country”.
The Credit Stress Report 2022 Q1 compiled by Eighty20 and XDS revealed that roughly half of all credit active South Africans are financially stressed.
According to the report, younger, low-income men, with little credit and high unemployment have the highest credit stress levels in the country.
Middle-class workers, with middle income, credit active with families, cars and mortgages are the second most stressed.
“Pre-pandemic mortgages and vehicle loan debt combined with job losses have created a spike in the high credit stress levels,” Alexanderson said.
He added, “The country’s economic conditions have had a significant impact on the credit needs of South Africans and their ability to repay debt”.
Joint applications at NDA - that is when both spouses seek debt relief – revealed that 76% of the group that are seeking debt relief are males as the main applicants.
In times of financial stress, father’s should speak with a credible and registered debt counsellor to get advice regarding their debt.
“It’s normal for the father figure to want to financially manage the household, however in times of financial hardship, it’s important to know that assistance is just around the corner,” Alexanderson said.