South African mid-to-high income households' debt repayment struggles lead to 18% increase in default behaviors, impacting financial institutions' risk management strategies and lending criteria.
South African mid-to-high income households are struggling to repay debt, with credit card and home loans showing significant deterioration, according to the Experian Consumer Default Index for Q4 2023. Default behaviours increased by 18%, and these findings have major implications for South African financial institutions, which may need to adjust their risk management strategies and lending criteria.
March 12, 2024
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