South Africans are the most indebted people in the world - debt expert

According to a World Bank report, South Africa is the most indebted country in the world. 

A slumping local economy, coupled with a downturn on the global commodity price cycle, a vicious drought and increasing interventionist economic policies are just some of the issues that have contributed to high household debt burdens and rising debt service costs.

Statistics from the National Credit Regulator show that up to 10 million South Africans are severely in arrears on their debt. DebtBusters CEO Ian Wason explains. Watch.