Business Day
26 March 2009

Credit defaults ‘will grow’ as jobs are cut

CHRISTMAS brought Grinch-like misery rather than Santa’s treats to South African consumers, as banks and other lenders stepped up their efforts to recover outstanding debts, figures from the National Credit Regulator showed yesterday .

The proportion of adverse listings — people labelled by creditors as slow-paying, absconded, defaulted or written off — jumped to 13,8% of the country’s credit users in the quarter ended December from 12,2% three months earlier. This put the number of people at 2,42-million, up from 2,14-million.
 

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