{"id":142934,"date":"2016-11-10T19:00:48","date_gmt":"2016-11-10T17:00:48","guid":{"rendered":"http:\/\/businesstech.co.za\/news\/?p=142934"},"modified":"2016-11-10T18:33:32","modified_gmt":"2016-11-10T16:33:32","slug":"what-you-need-to-know-about-credit-card-debt-in-south-africa","status":"publish","type":"post","link":"https:\/\/businesstech.co.za\/news\/finance\/142934\/what-you-need-to-know-about-credit-card-debt-in-south-africa\/","title":{"rendered":"What you need to know about credit card debt in South Africa"},"content":{"rendered":"<p>New data from credit bureau Compuscan, shows the average amount owed by South Africans on their store credit cards.<\/p>\n<p>In-store cards include those credit cards typically offered by department stores like Woolworths, Edgars, <span class=\"st\">Ackermans<\/span> and Foschini which enable customers to purchase items over a fixed period, but at a fairly high interest rate.<\/p>\n<p><a href=\"https:\/\/www.compuscan.co.za\/\" target=\"_blank\">Compuscan <\/a>said that as many as 2.97 million store card loans were opened over the past year &#8211; valued at R14.71 billion.<\/p>\n<p>It said that the average number of open store cards per person is two (1.88), while the average current balance over the last year is <strong>R2,836<\/strong>.<\/p>\n<p>By comparison 470,000 regular credit card loans were opened over the past year totalling R9.94 billion, the credit bureau said.<\/p>\n<p><strong>Read: <a href=\"http:\/\/businesstech.co.za\/news\/business\/141099\/these-are-the-most-and-least-popular-loyalty-reward-programmes-in-south-africa\/\" target=\"_blank\">These are the most and least popular loyalty reward programmes in South Africa<\/a><\/strong><\/p>\n<p>It said that the average age of a person who owns a store card is 41, while people in their 30s have more than four store cards on average, the most out of any age group.<\/p>\n<p>People in their 50s however, despite owning far fewer store cards, have a much higher average balance than any other age group &#8211; <strong>R6,100<\/strong>.<\/p>\n<div class=\"bt_table\">\n<div class=\"table-responsive\"><table class=\"table\" width=\"100%\" cellspacing=\"0\" cellpadding=\"6\">\n<tbody>\n<tr>\n<th bgcolor=\"#CCCCCC\" width=\"20%\"><b>Age<br \/>\n<\/b><\/th>\n<th bgcolor=\"#CCCCCC\" width=\"50%\"><b>Number of\u00a0Open Store Cards<\/b><\/th>\n<th bgcolor=\"#CCCCCC\" width=\"30%\"><b>Average Balance<\/b><\/th>\n<\/tr>\n<tr>\n<td>18-29<\/td>\n<td>2.8<\/td>\n<td>R2,655<\/td>\n<\/tr>\n<tr>\n<td>30-39<\/td>\n<td>4.54<\/td>\n<td>R4,209<\/td>\n<\/tr>\n<tr>\n<td>40-49<\/td>\n<td>3.11<\/td>\n<td>R5,494<\/td>\n<\/tr>\n<tr>\n<td>50-59<\/td>\n<td>1.67<\/td>\n<td>R6,100<\/td>\n<\/tr>\n<tr>\n<td>60-65<\/td>\n<td>0.36<\/td>\n<td>R5,632<\/td>\n<\/tr>\n<tr>\n<td>-65<\/td>\n<td>0.24<\/td>\n<td>R3,932<\/td>\n<\/tr>\n<\/tbody>\n<\/table><\/div>\n<\/div>\n<p><strong>Read this: <a href=\"http:\/\/businesstech.co.za\/news\/banking\/142019\/rise-in-south-african-consumers-applying-for-debt-review-here-is-when-you-should-consider-it\/\" target=\"_blank\">Rise in South African consumers applying for debt review \u2013 here is when you should consider it<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"<p>New data from credit bureau Compuscan, shows the average amount owed by South Africans on their store credit cards.<\/p>\n","protected":false},"author":10,"featured_media":134663,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[11121],"tags":[26],"class_list":["post-142934","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-finance","tag-headline"],"_links":{"self":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/142934","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/users\/10"}],"replies":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/comments?post=142934"}],"version-history":[{"count":3,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/142934\/revisions"}],"predecessor-version":[{"id":142986,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/142934\/revisions\/142986"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/media\/134663"}],"wp:attachment":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/media?parent=142934"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/categories?post=142934"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/tags?post=142934"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}