One year older and deeper in debt

The spectre of debt continues to haunt prospects of an upswing in South African retail sales into the Christmas period. According to the National Credit Regulator, of the 18.32 million credit-active consumers, just 53.1% (9.73m) were classified as in good standing at the end of the second quarter in June. The number of consumers with “impaired records” grew to 8.59 million – or 212 000 more than the previous quarter, 739 000 year-on-year. These consumers are three or more months in arrears, or have had judgments against them.