Credit demand is easing in South Africa thanks to high interest rates - but households are still turning to their credit cards to make it to the end of the month.
South African consumers are still turning to their credit cards to make ends meet – but room to take on more debt is running out.
Although personal loans have remained resilient, they also eased to 7.3% y-o-y in June, following growth of 8% in the previous month.This data shows that South Africans are not taking out as many loans as they used to. However, they are still seeking credit., increasing to 9.2% from 8.9% in May. According to the FSR, during the fourth quarter of last year, unsecured credit grew at its fastest pace since 2019, registering a 9% year-on-year increase, which could be a sign of distressed borrowing.
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