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Consumers tighten belt amid tough times

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Johannesburg – Despite South Africa’s tight economy, the National Credit Regulator says the number of consumers classified in good standing increased by 1.40 million to 12.11 million consumers.

The CEO of the National Credit Regulator, Nomsa Motshegare announced the figures based on data submitted by registered credit providers and credit bureaus.

She said the latest data showed a seasonal decline in the value of new credit extended to consumers.

Motshegare encouraged consumers to use credit responsibly and to live within their means.

The number of consumers with impaired records decreased from 9.93 million to 9.60 million for the quarter ended March 2014.

As a percentage of the total number of credit-active consumers at 44.2%, this reflects a decrease of 3.9% quarter-on-quarter and 3.3% year-on-year.

Credit records

The number of accounts increased from 73.18 million to 77.18 million, while the number of impaired accounts decreased from 19.74 million to 19.27 million compared to the previous quarter.

A total of 333.66 million enquiries were made on consumer credit records, a decrease of 4.3% quarter-on-quarter and 15.4% year-on-year.

Banks and other financial institutions accounted for 83.4% of total consumer records enquiries, retailers accounted for 3.6% and telecommunication providers accounted for 2.7%.

A total of 25 005 disputes was lodged on information held on consumer credit records for the quarter ended March 2014, an increase of 27.2% quarter-on-quarter and 48.2% year-on-year.

- Fin24

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