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SA consumers still wary of debt

1 Feb 2010

Consumers are continuing to avoid credit, data released by the SA Reserve Bank on Sunday, 31 January 2010, shows.

Private sector credit demand dropped by 0.76% year-on-year in December.

This followed a contraction of 1.59% in November year-on-year. "Indebtedness and past reckless spending have started to catch up to the consumer.

"This will hinder any robust growth in a further take-up of credit as a consolidation of debt rapidly makes its mark," Standard Bank economists said.

Source: Sapa

Source: I-Net Bridge

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