More South Africans rely on multiple lenders as debt pressure grows [SOUND]

# South Africans are increasingly turning to retailers, microlenders and online lenders for cash as financial pressure mounts. DebtBusters’ latest Debt Index shows banks now account for just 65-percent of new debt counselling applicants’ borrowing, the lowest level on record. Almost two-thirds of applicants have payday loans, while the average person has a record 8.8 credit agreements. Benay Sager of DebtBusters says middle-income earners are particularly squeezed by rising living costs, with growing financial stress among younger and older consumers: