South African consumers are under growing repayment pressure, with new data showing more people falling behind on their credit obligations as household finances remain strained.
Moneyweb reports that the latest Credit Stress Report from Eighty20 and XDS shows the number of open credit accounts increased to about 56.3 million while outstanding balances rose to roughly R2.7 trillion. Around 41.8% of credit-active consumers were in default on at least one loan, defined as being three months or more in arrears.
Overdue balances also increased, reaching about R233 billion. The report suggests that rising living costs and persistent debt burdens are continuing to squeeze household budgets even as consumers remain active in the credit market.
Source: Moneyweb
