Consumers turn to credit amid high interest rates

JOHANNESBURG - TransUnion's second quarter report shows South Africans are still taking out more and more credit.

Just over 775,000 new clothing accounts were opened with nearly 1 in 3 of them being overdue.

READ: SA ECONOMY | CONSUMERS RELYING ON CREDIT TO GET BY

Personal loans have also increased sharply, with most of them from micro-lenders.

Weihan Sun, the Director of Research and Consulting at TransUnion Africa, says more debt is the only way cash-strapped South Africans are surviving the cost of living crisis.