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This is the average personal loan amount in South Africa right now – as banks tighten up

This is the average personal loan amount in South Africa right now – as banks tighten up
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Shocking debt data shows third of clothing accounts now three or more payments behind

Shocking debt data shows third of clothing accounts now three or more payments behind Business Insider SA facebook email The pandemic has wreaked havoc on South Africans’ ability to repay debt, a new report by TransUnion shows. A third of clothing account holders were behind on three or more payments by the third quarter this year. Most credit categories saw sharp rises in non-payments, but credit cards were least affected. For more articles, go to . A third of clothing account holders have fallen behind on three or more payments by the third quarter this year, a new report by the credit reporting group TransUnion shows. Of the 17.2 million clothing accounts in South Africa, the average outstanding balance reached R2,100.

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Here s how much the average South African owes on their credit card

Here’s how much the average South African owes on their credit card Subscribe Consumer credit reporting agency TransUnion has published the findings of its Q3 2020 South Africa Industry Insights Report, showing the ongoing impact of Covid-19 on the consumer credit market. Although the latest data primarily relates to a period when coronavirus measures were less stringent than during the initial lockdowns seen earlier in the year, there was still a fall in consumer demand, TransUnion said. In Q3 2020, year-on-year (YoY) inquiry volumes declined by double digits across all the major consumer lending categories. The decline was most pronounced for credit cards, and non-bank personal loans.

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Credit? No thanks, say consumers

The fallout of the Covid-19 pandemic has seen many people losing their income and therefore it is almost a given that the demand for consumer credit would fall, influenced by consumer sentiment as well as ability to access finance.

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