Despite the hike in the interest rates, high unemployment and sustained economic pressure, the number of loans in arrears declined by 1.7% from 18.9m in the first quarter of 2022 to 18.6m in the second quarter. There was also a 2.2% QoQ drop in the number of loans that were 9 or more months in arrears, from 9.3m to 9.0m.

For more insights on the impact of the economy on South African consumers, download the latest Eighty20 Credit Stress Report.