We are at debt's door

Growing debt in South African households and easy access to credit is "the biggest time bomb" facing the country, said Ismail Momoniat, deputy director-general of the Treasury. Debt repayment swallows up 78% of citizens' disposable income, according to the Reserve Bank.Speaking at a conference in Johannesburg yesterday, Momoniat said: "I still see adverts for R150000 personal loans - isn't that reckless? We do want credit in the economy, but it can't be right, all these personal loans.