Consumer credit continues to stabilise, and unsecured lending shrinks further
CONSUMER debt appears to be stabilising further, and credit issuers appear to be adopting a more cautious approach, data from the National Credit Regulator (NCR) suggest.While the total debt owed by consumers in SA rose slightly in the June quarter — increasing by 0.31% from the March quarter, to R1.66-trillion — the unsecured debtors book shrank during the quarter and grew only very slightly from a year earlier, two reports from the NCR showed on Thursday.The NCR released the Consumer Credit Market Report (CCMR) and the Credit Bureau Monitor (CBM)‚ which are based on data submitted to the NCR by registered credit providers and credit bureaus respectively.The rise in the total outstanding debt‚ also known as the gross debtors book‚ showed an increase of 2.35% from a year earlier.Consumers’ indebtedness has been a factor in SA’s slow economic growth, as it has constrained household spending.The trends for outstanding balances for the quarter to end-June were as follows:• The mortgage...
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