More defaults on the horizon
Eighty20’s Credit Stress Report shows a 4% QoQ increase in overdue balances on Vehicle Asset Finance, leading to a 35% YoY increase. Similarly, overdue balances on credit cards have grown by 20% YoY. This vehicle debt burden, combined with job losses during the pandemic, are key drivers for the high credit stress experienced by the Middle Class Workers
Fancy yourself a Fact-a-Day fan? Send us your oldest FAD Fact, and stand a chance to win a R500 Takealot voucher!
Source:Â one