The Banking Association of SA said this figure is the monetary value of people under debt review, which is up from the previous year.
Association chairperson Cas Coovadia said that in December 2016 the total debt review portfolio across the major retail banks stood at R47.3billion. In December last year, that figure rose to R51.5billion, Coovadia said.
“From these statistics, it is also evident that banks continue to assist consumers that find themselves in financial difficulty, with R3.4billion (in 2016) and R4billion in 2017 that banks had foregone in interest and fees,” Coovadia said.
Capitec Bank marketing executive Francois Viviers warned that Black Friday should not lead to spending money you don’t have.