2021Q3 showed an increase of 325k loans that have been in arrears for over 9 months – with R160bn of the total overdue balance likely irrecoverable. The vast majority of irrecoverable credit stands in the form of unsecured loans and retail accounts; amounting to R136bn (85%). Four out of five individuals who have taken up these credit products have an income of less than R10k per month, presenting a concerning picture for consumer credit stress.
Click on the banner above to download the full report.
Sources: one