In South Africa, more people have loans than jobs

SOUTH AFRICANS have dubbed this month “Janu-worry”. After Christmas and the summer holidays come the bills. A popular classified-advertising website is full of pleas for help. “Mashonisa [loan shark] urgently needed,” says a typical post. “No scammers.” Radio call-in shows offer catharsis and survival tips.

The rest of the year is tough on pocketbooks too. South Africans are the world’s most avid borrowers, according to the World Bank. A study published in 2014 showed that 86% had borrowed money in the previous year (see chart).