Debt Counselling: A Lifeline for Millennials

A recent consumer credit index report highlights a worrying trend: South African millennials are increasingly falling into over-indebtedness. The combination of high interest rates, stagnant wages, and rising cost of living has created a perfect storm for this demographic.

However, the report also notes a positive shift in behavior—more young people are proactively seeking debt counselling earlier in the cycle. 'Debt counselling is no longer seen as a stigma, but as a strategic financial management tool,' says a leading debt counsellor. This proactive approach is helping many avoid asset repossession and legal action.

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**Related:** - Find a debt counsellor near you - How the debt review process works - Benefits of debt review explained