JOHANNESBURG – South Africans are using money they don’t have to make ends meet.
The National Credit Regulator (NCR) says it’s noted an increase in credit extensions.
Statistics for the first quarter show that the total value of new credit granted increased more than 5 percent, to over R134-billion.
Ngoako Mabeba from the National Credit Regulator has advised consumers to budget.
“What we advocate is living within your means, a good budget. You budget and you monitor that budget because there is no use doing a budget and deviating from it,” Mabeba said.
“You need to make sure that you check and remove all things that are extravagant from that budget.”
Mabeba says about 40-percent of consumers are said to be in bad debt.