NCR Release Consumer Credit Market Report (Midyear 2018)
The National Credit Regulator (NCR) register and monitor the credit industry. This means they keep an eye on companies and individuals who are offering credit or helping distribute money for consumers under debt review as well as Debt Counsellors and those who assist consumers with disputes with credit providers (ADRAs).
Every few months they release a report on how consumers are making use of credit. They also track who is up to date with payments and who is running behind on payments.
Some interesting stats from the report are that the banks have granted 77% of credit being used in the country (the credit which is being reported). By comparison, retailers have granted only 4.43% of the credit used.
In the 3 months that are covered in the report, consumers took on an additional 1% debt. Mortgages (bonds) made up the majority of the credit granted (51%): R922.22 Billion Rand in credit was granted. Consumers were also able to gain access to slightly bigger bonds than before and overall the average bond amount went up by about 13%. New mortgage loan granting is still lower than it was halfway through last year (2017) though but is a lot higher than at the start of the year (2018)
Credit users in Gauteng made the most use of credit during the time reported on and made up 42% of all credit granted. The Western Cape came in at 17% and KZN at nearly 14%.
DOWNLOAD THE NCR REPORT NOW
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