SA consumers still wary of debt
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