South Africans are increasingly buying cars they can’t afford – Experian
More South Africans are falling behind on their car loan repayments.
This is according to the latest Experian Consumer Default Index (CDI).
The deterioration is evident when looking at annual, and monthly figures.
In March 2018, 3.55% of South Africans with car loans defaulted, up from 2.95% in March 2017.
The default rate has deteriorated for six months in a row.
There was a 0.28% year-on-year decline in total credit defaults, despite the increase in defaults on car loan repayments.
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