South Africans Owe More Than The Government Will Spend

Okay this is just a tad worrying.

Household debt higher than SA's budget

South African households owe more on their home loans, car repayments, personal loans, furniture accounts and credit cards than the government has committed to spending on running the country in the current budget.

Total debt is estimated at R680-billion, while Finance Minister Trevor Manuel set aside R600-billion in February for, among other priorities, education, health, housing and servicing its own debt.

Credit card debt, according to Gabriel Davel, the national credit regulator, has seen a dramatic increase of 138 percent since 2004 while lease agreements rose by 123 percent in the same period.