Late mortgage payments double as SA borrowers crack

In another sign of the dire state of the economy and the toll it is taking on households’ finances, data from one of SA’s biggest credit bureaus for the second quarter shows consumers are struggling to meet monthly repayments on a wide swathe of credit products.

TransUnion analysed data from 23-million active consumers on its database which showed that those who have missed three or more payments on their home loans more than doubled from 3.7% in the second quarter of 2019 to 7.8% in the second quarter of 2020.A subscription helps you enjoy the best of our business content every day along with benefits such as exclusive Financial Times articles, ProfileData financial data, and digital access to the Sunday Times and Sunday Times Daily.

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