Debtfree Issue 202310 - DB

The DebtBusters’ second annual Money Stress Tracker for July 2023
surveyed website and platform users and more than 35,000 responses
were collected. The findings reveal that three out of four South Africans
are currently experiencing financial stress, marking a 12% increase from
the previous year. Women, in particular, report feeling the impact of
financial stress in their homes, workplaces, and on their health. Lowerincome
earners are the most stressed, while higher earners often find
themselves burdened with unsustainable debt.
Psychotherapist and transactional analyst, Diane Salters, suggests that
individuals facing significant debt may experience emotions like shame
and fear. This emotional burden can cloud their judgment, pushing them
into instinctual fight, flight, or freeze responses.
Unaddressed mental health issues, such as depression and anxiety,
reportedly cost the South African economy an estimated R161 billion
annually, according to Investec Focus Radio SA. Recognizing the
profound influence of economic challenges and poor financial habits
on mental health allows us to combat the associated stigma, provide
support, and foster a healthier, more resilient society. These actions can
contribute to alleviating the struggles associated with both money and
mental health.
Rather than succumbing to automatic responses like fight, flight,
or freeze, we encourage consumers to take the initial step towards
regaining control of their finances. Empower yourself with information
and explore available solutions for financial relief.
A good starting point is to visit www.debtbusters-client.co.za to access
your current credit report and gain insight into your financial and debt
management risk. Armed with this knowledge, you can make informed
decisions about your next financial steps.