The number of South Africans taking up debt has decreased according to Stats SA but the acting manager at the National Consumer Regulator [NCR] Jimmy Golele says the numbers are still too high.
He says there are nearly 24.5 million credit-active consumers and 38.9% of these individuals have impaired records. This means about 9.6 million consumers are not coping with their debt.
When we say their records are impaired, it is when their accounts are about three months or so in arrears.— Jimmy Golele, Acting Manager at the National Consumer Regulator [NCR]
Our current or prevailing economic situation is actually making extending credit quite a challenge and consumers are becoming wary that they need to take credit responsibly.— Jimmy Golele, Acting Manager at the National Consumer Regulator [NCR]
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