Consumer Judgments For Debt Continue To Decrease

Staff Writer @ Lucid Living

The decline in the number of civil judgments for debt shows household balance sheets are on the mend in South Africa, an Investec economist said on Friday.

However, a substantial slowing in economic activity would slow this trend.

Annabel Bishop of Investec Group Economics was commenting on Statistics SA’s finding of a 22.9 percent drop for civil judgments to individuals, year on year, for October.

This meant that 38 800 people were issued civil judgments on their debts, compared to 50 000 a year ago, she explained.

“The historical average is 53 000 individual civil judgments a month, with figures of 60 000 during the 2009 recession, so October’s monthly outcome indicates an improvement,” she said.