More than 50% of South Africa’s credit-active consumers are over-indebted, a new report by Genesis Analytics and the Financial Sector Conduct Authority (FSCA) shows.
More than half of South Africa’s credit-active consumers are over-indebted, a new report by Genesis Analytics and the Financial Sector Conduct Authority shows.
“Slow economic growth and high unemployment, coupled with rising prices for food, petrol and other basic goods have had a significant impact on the credit needs of South Africans and their ability to repay debt. Financial distress is associated with missed credit repayments.
As expected, this trend is dominant among low-income individuals , grant recipients , and individuals with informal jobs . The regulator noted that there are currently two mechanisms in place that deal with over-indebtedness: the insolvency law, and debt review. Data from FNB prior to the start of the global Covid-19 pandemic showed that middle-income South Africans relied heavily on debt with some using as much as a quarter of their monthly income to pay interest on debt.more than half of middle-income consumers spend their income in less than five days after receiving it
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