Continued recovery in Consumer Credit

Continued recovery in Consumer Credit

Continued recovery in Consumer Credit

TheNational Credit Regulatorreleased its Consumer Credit Market Report', which is basedon data submitted to it by registered credit providers.The total value ofnew creditgranted increased from R61.55 billion for the quarter endedMarch 2010 to R67.55 billion for the quarter ended June 2010 , an increase of 9.75% whencompared to the previous quarter, but 33.32% higher than a year ago.As at June 2010, the total outstandingconsumer creditbalances (or gross debtors' book)was R1.15 trillion representing a quarter on quarter growth of 0.90%.The breakdown was as follows:Mortgages accounted for R749.03 billion (64.85%)Secured credit agreements was R215.02 billion (18.62%)Credit facilities were R129.11 billion (11.18%)Unsecured credit was R61.14 billion (5.29%)Short-term credit was R682.10 million (0.06%)The number of applications received for credit increased by 503,500 from 6.04 million inMarch 2010 to 6.54 million in June 2010 representing an increase of 8.34% (an increase of17.13% when compared to the same period last year).The number of applications for credit that were rejected amounted to 40.26%.The following were some of the most significant trends observed for the quarter endedJune 2010:The value of new mortgages granted increased by 13.48% quarter-on-quarter from R20.81billion to R23.61 billionSecured credit which is dominated by vehicle finance, showed a increase from R22.34 billionfor March 2010 to R23.02 billion for June 2010 (a quarter-on-quarter increase of 3.06%)Unsecured credit increased from R10.00 billion for March 2010 to R11.75 billion for June 2010(a quarter-on-quarter increase of 17.49 %)Short term credit showed a quarter-on-quarter increase of 6.45% from R1.27 billion to R1.35billionIndividuals who earn gross monthly income of more than R15, 000 per month received onaverage 80% of the number of mortgages granted over the period June 2009 to June 2010.The banks' share of the total outstanding consumer credit as at June 2010 was R1,03 trillion(89.45%) with the retailers at R38,47 billion (3.33%), non-bank vehicle financiers at R37,71billion (3.27%) and "Other credit providers" at R45,71 billion (3.96%). Other credit providersconsist primarily of pension-backed lenders, insurers, non-bank mortgage lenders andsecuritized debt.Bentley Credit Control provide solutions in the areas of debt collections, public school fees, the National Credit Act, and are specialists in debt recovery within Durban and Cape Town

POST COMMENT

Spotmau Data Backup Kit 2010 Database Protection and Snuko for Protecting Information in the Mass Media Industry The Way To Move Database To Pinnacle Cart Accurately And Quickly Data Encryption Standard Geek to Live: Encrypt your data New Methods Allow Quick Access To Data Understanding of Data Mining User Database Saves Your Time And Money Liposucstion Recovery: What to do AFTER your Lipo/Liposculpture Procedure Overcome Outlook Password Problem through Outlook Password Recovery Tool Apple OS X Recovery For Corrupted HFS File System Volumes in Mac Smile Recovery Treatments: Restore Your Smile With Cosmetic Dentistry Facing Data Corruption in Exchange Server? Convert Outlook OST to PST is a beneficial Remedy