NCR: More South Africans living on credit
The National Credit Regulator says more South Africans are living on credit.
Recent data shows that the total value of credit granted between October and December last year increased by 4%, pushing the amount on loan up to R148.15 billion.
The NCR released its Consumer Credit Market Report and data from registered credit providers and bureaus on Wednesday.
NCR industry analyst Lethabo Mashiane says the number of credit agreements entered into also ballooned to 23.39% quarter-on-quarter from 4.15 million to 5.12 million.
"You can clearly see that consumers are having a difficult time keeping up with their credit in terms of monthly instalments across all boards. You also do see that there is an influx of consumers who are still getting credit.
“So, it shows that the credit cycle is still healthy. However, it has a vicious cycle in terms of keeping up with debts."
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