Low growth in household credit and mortgage balances in 2014

Growth in the total value of outstanding credit balances in the South African household sector slowed down to 3,4% year-on-year (y/y) at the end of December 2014 – its lowest level since early 2010. Growth in household unsecured credit balances dropped further to a level last seen around mid-2010, while growth in secured credit balances was largely stable at a low level in the last four months of 2014. Growth in outstanding household mortgage balances was only marginally up to 2,3% y/y at end-December last year from 2,2% y/y and 2,0% y/y at end-November and end-October respectively. Read more here – ABSA Credit and mortgage advances (Dec 2014)