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Johannesburg - Fewer South Africans are applying for retail credit cards, said a credit information company in a statement on Tuesday.
Consumer Profile Bureau was receiving fewer requests for credit histories by retailers who issued credit cards, which meant fewer consumers were applying for those cards, said the company's managing director Fred Steffers.
"As far as I can determine it is an industry-wide phenomenon which is a clear indication that the economy is not just slowing down, but actually shrinking."
He said the number of enquiries for credit histories were down by a third since July 2008, when the global financial crisis began. The number of enquiries were currently at 2005 levels.
"A major problem that is contributing to the slowdown is the fact that most South Africans are deeply in debt already and simply cannot afford additional debt."
In 2008, retail sales in general fell for the first time in nine years due to high food and fuel prices and successive interest rate increases.
- Sapa