The latest credit data has revealed that there is a significant increase in the number of credit-active women in South Africa.
This was according to credit bureau, Compuscan, who compiled the data. Senior Data Analyst, Jacobus Eksteen, said, “As at the end of the first quarter of 2015, it was recorded that there were 2.3 million more credit-active women in South Africa than two years ago.
In the last year alone, there was an increase of 883 885 credit-active females, bringing the total number of credit-active women up to 9 992 601 as at the end of March 2015.”
One of the most notable areas where women have been putting their credit to use is in property. According to Eksteen, at the end of the first quarter of 2015 the total number of mortgages that belonged to women stood at 1,1 million with the age bracket of 40 to 49 years of women owning them.
The mortgage difference from men was not too far off with a total of 1,2 million belonging to men creating 93 671 difference.
Women were bait to store cards credit, as at the end of the first quarter more than 10 million store cards belonged to women which was almost double the number that belonged to men. “It’s no secret that women like to shop, and this is in fact reflected on the bureau, “ Eksteen added.
According to the statement, when it came to vehicle asset finance (VAF), only 817 551 women had been granted this type of credit as at the end of Q1 2015, with the highest percentage (33 per cent) of these accounts belonging to women between the age of 30 and 39. On the other hand, 1,4 million VAF accounts belonged to men.
Frank Lenisa, Director at Compuscan, said while credit in and of itself is not a bad thing and in fact a good mechanism to open up many doors, “What must be stressed is that it is important for borrowers to maintain their credit wisely and be careful not to overextend themselves.”