Banking group FirstRand says it has started to see a marked uptick in customers taking up unsecured credit to make ends meet as consumers bear the brunt of financial pressures brought on by South Africa’s economic conditions.
FirstRand’s update is the latest to paint a bleak picture of the current state of the financial affairs of many consumers, whose spending power has been eroded by upwardly sticky inflation and the high interest rate environment. Cost of debt While banks enjoy handsome earnings from the endowment effect of the central bank’s policy tightening, the cost of debt immediately shoots up, weighing on consumers’ ability to afford repayments.
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Source: Moneyweb - 🏆 5. / 77 Read more »