n IMFO : Official Journal of the Institute of Municipal Finance Officers - The ever increasing debt book - why debtors aren't paying
|Article Title||The ever increasing debt book - why debtors aren't paying|
|© Publisher:||Institute of Municipal Finance Officers (IMFO)|
|Journal||IMFO : Official Journal of the Institute of Municipal Finance Officers|
|Publication Date||Winter 2015|
|Pages||8 - 9|
According to the latest Momentum Household Wealth Index, South Africa's household liabilities are currently sitting at R1 603 billion. At the same time, debt servicing costs have increased to 17.9% from 12.6%, meaning that South Africans are largely in debt and spending more of their income to service debt than build wealth. Currently there are approximately 23 million credit-active consumers in South Africa, of which 45% have impaired records. For many credit providers, this 45% of consumers presents a challenge, especially when it comes to collecting outstanding debt.
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