Defaulting in Silence
Despite ~8.6m credit active people in default on one or more loans, with overdue balances totaling R194bn, there were only 177,000 applications for debt counselling last year. This means that just ~2% of South Africans in default sought help through debt counselling in 2023.
For more insights on the impact of economic forces on the South African consumer, download the latest Eighty20 Credit Stress Report