The value of outstanding credit balances in the South African household sector increased by 4,5% year-on-year to R1 463,8 billion at the end of October 2015. The further uptick in credit balances growth from 4,3% year-on-year at end-September was driven by higher growth in the secured component, whereas growth in unsecured credit balances slowed down somewhat further.
Consumers are expected to experience increased financial pressure over the next 12-18 months, which may impact their credit-risk profiles and access to and affordability of credit. Against this background, growth in household credit balances, including mortgages, is forecast to remain well in single-digits over the next two years.
Read more here: Absa – Credit and mortgage advances (Oct 2015)
