Car loan debt is driving up

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According to the Experian Consumer Default Index (CDI), repayment of car loans has shown a marked deterioration as the extended Covid-19 lockdown puts South Africans under more financial pressure.

CDI’s 2021 report says that 23,7 million consumers — with credit cards, personal loans, car loans, home loans and retail loans — have a total of R1,9 trillion in outstanding debt.

The index shows that while home loans and retail loans have shown an improvement, car loans have deteriorated by a substantial margin, from 3,67% in March 2020 to 4,10% in March 2021.

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