PMB debt rate slows

2011-04-29 00:00

THE rate of over-indebtedness in ­Pietermaritzburg slowed markedly in February, suggesting a recovery in the financial fortunes of local business enterprises and individuals.

KwaZulu-Natal — and Pieter­maritzburg and Durban in particular — have experienced a major rise in the rate of over-indebtedness in recent years as businesses and individuals across the province suffered as a result of the recession, but this trend appears to be reversing.

The number of civil cases for debt in Pietermaritzburg in February was 1 805, reflecting a 12,8% year-on-year decrease in the number of cases, Statistics SA revealed.

The number of cases recorded in Pietermaritzburg in the three months to February declined by 11% year on year.

The number of cases in Durban in February came in at 6 343, reflecting a 17,3% reduction.

Nationally the number of civil judgments recorded for debt in February declined 24,4% to 44 163, while the value of civil judgments recorded for debt was 24,3% lower at R456,5 million.

The major contributors to the declining national trend were the “money lent” and “goods sold” categories.

Civil judgments are decisions taken in a civil matter or a dispute between two people or parties, while civil summonses are notices to appear before a court of law where a dispute between two parties or people has to be heard (that is, not for a criminal offence).

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