NCR Consumer Credit Report
More Credit Consumer, More Trouble
Some of the highlights are that more consumers (350 000 new consumers) are now getting access to credit and that another 171 000 consumer’s accounts are now significantly behind on payment as they are no longer able to keep up to date with payments.
South Africa now has 9 760 000 consumers who are in financial trouble and cannot pay their accounts timeously.
This has been a common thread through all recent reports. More consumers getting access to credit and more consumers not able to pay their credit. Essentially this means more and more people are crossing the line into over indebtedness. These consumers desperately need to seek assistance to resolve their situation.
Seeing this the NCR have begged consumers to try live within their means. Basically they are asking consumers not to make use of credit to elevate their standard of living.
During the last 3 months of 2013 (compared to Dec 2012) credit providers handed out around R1.45 Billion in new credit.
The report also showed that more people than ever have been asking for (but not all getting) new credit.
Interestingly there was less short term credit granted as many credit providers have started to reduce their risk in this area after years of exponential growth in this portion of the credit market. The banks own 85% of all the Trillions of Rands owed in the market.
You can download the NCR Consumer Credit report here: