/ 22 March 2012

Time to get a little thrifty with your wallet

The latest credit market statistics suggest a need for caution, the National Credit Regulator (NCR) 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 chief executive Nomsa Motshegare.

She said seasonal factors could contribute to the latest statistics.

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

In good standing
This was a 1.3% increase over the previous quarter, when 19.1-million consumers were actively using credit.

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

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

The total number of accounts increased to 67.53-million, a 2.3% increase from the previous quarter.

Of these, 16.91-million accounts were impaired, an increase of 366 000. — Sapa