There has been a slight improvement in consumer credit health in the quarter ending in June. This is according to the latest Consumer Credit Market Report and the Credit Bureau Monitor that the National Credit Regulator has released.
The two reports are based on data submitted to NCR by registered credit providers and credit bureaux respectively.
The total value of new credit granted has increased by eight and a quarter per cent from the previous quarter, while the number of credit applications increased by five-point-seven-nine per cent.
Analyst at NCR, Bongani Gwexe, says the number of impaired accounts has also decreased, while most people are paying their debts on time.
“The most increase was on mortgages which increased about 13% and 9% on a year-on-year basis. When we look at the existing book, which is the debtors book, it also increased by 20 billion, increased from 1.78 billion to 1.80 billion that is about 1% increase but 4.8% on a quarter on quarter. And also when we look at credit bureaus, statistics that we received from all registered credit bureaus is showing that most people are paying their debts on time.”
