Recession to Affect the Black Middle Class

The IRR finds that unsecured credit levels and interest rates which are likely to rise will hit the black consumers the hardest

The Institute of Race Relations (IRR) report has found that, unsecured credit levels which have now more than trebled and with interest rates likely to rise, black consumers will be hit the hardest.

The IRR warns that, “South African consumers are under growing economic pressure and that this may further dampen the country’s economic outlook”.

Furthermore, the tightening of belts will contribute to a financial downturn, as consumer spending, accounts for up to 60 percent of gross domestic product.

To read the article titled, “Recession would hit black middle class hardest: IRR,” click here

Source: 
Times Live

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