Half of SA Over-Indebted: SAHRC
Tuesday 17 March, 2015 - 12:12
The South African Human Rights Commission (SAHRC) says that over half of South Africa's credit-active consumers are over-indebted.
SAHRC Western Cape provincial manager, Karam Singh, points out that, “Of 19 million credit-active consumers in South Africa, 50 percent had impaired credit records, three months plus in arrears.”
Singh says that the macro-economic system that South Africa has continues to favour historical wealth creation and that the country’s economic system perpetuates inequality and is characterised by weak regulatory oversight.