South African consumers are still turning to their credit cards to make ends meet – but room to take on more debt is running out.
Although personal loans have remained resilient, they also eased to 7.3% y-o-y in June, following growth of 8% in the previous month.This data shows that South Africans are not taking out as many loans as they used to. However, they are still seeking credit., increasing to 9.2% from 8.9% in May. According to the FSR, during the fourth quarter of last year, unsecured credit grew at its fastest pace since 2019, registering a 9% year-on-year increase, which could be a sign of distressed borrowing.
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