NEWS: Millions of consumers use small loans to buy food

Johannesburg - Over half of South Africa's credit active consumers are over-indebted and micro-lending negatively affected many in poorer communities, the SA Human Rights Commission (SAHRC) said on Wednesday.

 

"Of 19 million credit-active consumers in South Africa, 50% had impaired credit records, three months plus in arrears," Western Cape provincial manager Karam Singh said in Johannesburg.
"About 15% are described as debt stressed, one to two months in arrears."

As a result, more than 11 million of South Africa's credit active consumers were described as over-indebted.

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