Private sector credit demand dropped by 0.76% year-on-year in December.
This followed a contraction of 1.59% in November year-on-year. "Indebtedness and past reckless spending have started to catch up to the consumer.
"This will hinder any robust growth in a further take-up of credit as a consolidation of debt rapidly makes its mark," Standard Bank economists said.
Source: Sapa
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