More consumers struggling with debt

His comments come despite inflation slowing to 6.3 percent in February – from the 6.8 percent seen a few months ago, and the South African Reserve Bank effectively holding the prime lending rate stable at 10.5 percent over the past few months.

Roets says the company has seen a 20 percent growth rate over the past 12 months in clients applying for debt review.

His remarks follow those of Capitec Bank, which on Tuesday noted that applications for debt review grew 19 percent in the year to February, while 15 percent more clients submitted retrenchment letters to the bank.

Capitec notes, in its statement to shareholders, that the “financial stress and economic difficulties experienced by clients during the year were evident.”

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