Ciaran Ryan
2 minute read
26 Nov 2020
8:46 am

Stark stats about SA’s debt

Ciaran Ryan

Part of this would be accounted for by the repayment holidays extended by the banks at the start of the lockdown in March this year.

Picture: iStock

We learn from Transaction Capital’s results for the year to September, that 77% of unsecured loans across the economy are overdue, as are 23% of vehicle and mortgage loans. These should be frightening figures and show the devastation caused by the lockdown. With SA’s unsecured lending valued at just over R300 billion, and mortgage and vehicle loans at R1.4 trillion, that’s a sizeable proportion of financial sector assets now in distress. Part of this would be accounted for by the repayment holidays extended by the banks at the start of the lockdown in March this year. What’s also alarming is...