Consumer debt almost at R2 trillion

South African consumer debt has surged to R1.9 trillion by the end of March.

R20-billion of this amount are consumer payment defaults. This means some people have opted to skip their debt repayments.

Experian South Africa’s latest Consumer Default Index says loans were the most defaulted category.

It says the increase in defaults is a reflection of struggling consumers.

Old Mutual’s head of Financial Education, John Manyike meanwhile says there is hope for consumers who find themselves in a financial crisis.