Credit market suggest need for caution

By Drum Digital
22 March 2012

Latest credit market statistics suggest a need for caution, the National Credit Regulator said on Thursday.

In December, the number of consumers with impaired credit records increased by 100,000, to reach 8.93 million, the NCR said.

Credit market activity would be closely monitored to assess whether increased impaired performance would be consistent, said the regulator's acting CEO Nomsa Motshegare.

She said seasonal factors could contribute to the latest statistics.

Credit bureaus had records for 19.3m consumers at the end of December.

This was a 1.3 percent increase over the previous quarter, when 19.1m consumers were actively using credit.

Consumers who were classified as being in good standing increased by 142,000 to 10.41m consumers.

This was a 1.4 percent increase quarter-on-quarter and 5.2 percent increase year on year.

The total number of accounts increased to 67.53m, a 2.3 percent increase from the previous quarter.

Of these, 16.91m accounts were impaired, an increase of 366,000.

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