Want to borrow cash? Tips on what's okay, what's not

Know what amount of debt is okay to hold. [iStockphoto]

It's a financially challenging time for most households. With interest rates rising, many are spending even more money on debt repayments or taking out loans to help make ends meet.

A report released recently in South Africa, compiled by one of the country's biggest banks, found that 42 per cent of South Africans, across various income levels, cannot manage their debt. This indebtedness has caused 67 per cent of the respondents to worry about their debt to the point that it negatively affects their mental health.