n SA Mercantile Law Journal = SA Tydskrif vir Handelsreg - The statutory in duplum rule as an indirect debt relief mechanism




In 2007 it was estimated that the size of the South African consumer-credit market was some R800 billion. At the end of June 2008 it was estimated that consumers owed credit providers about R1,12 trillion in household debt. Two years later, at the end of June 2010, the total outstanding consumer credit balances (or gross debtors' book) was R1,15 trillion. The number of applications received for credit increased by 503,500 from 6,04 million in March 2010 to 6,54 million in June 2010, representing an increase of 8,34 per cent (an increase of 17,13 per cent when compared to the same period in 2009). At the end of June 2011 credit bureaux had the records of 18,84 million credit-active consumers. These statistics illustrate the sheer size of the South African consumer-credit industry and show a steady growth in the size thereof.


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