{"id":16403,"date":"2022-04-05T16:22:37","date_gmt":"2022-04-05T16:22:37","guid":{"rendered":"https:\/\/www.africa-press.net\/namibia\/all-news\/household-debt-ballooning"},"modified":"2022-04-05T17:03:23","modified_gmt":"2022-04-05T17:03:23","slug":"household-debt-ballooning","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/namibia\/all-news\/household-debt-ballooning","title":{"rendered":"Household debt ballooning"},"content":{"rendered":"

Africa-Press – Namibia. <\/strong><\/span>TOUGH economic times continue to prevail as manifested by the increase in the credit extended to the Namibian private sector, which went up by 2,8% year on year (y\/y) in February from 2,7% y\/y in January 2022.<\/b><\/p>\n

According to a Simonis Storm Securities analysis, net household debt increased by 2,9% y\/y in February, whereas net corporate debt increased by 2,7% y\/y in January.<\/p>\n

\u201cCorporate credit growth was supported by higher demand for asset-backed credit facilities by corporates in the fishing, transport and financial services sectors according to Bank of Namibia,\u201d said Simonis. Household debt has been increasing by 5,1% on an annualised basis in the last five years, compared to 3,9% for corporate debt, Simonis said.<\/p>\n

\u201cWe consider a household buying a N$2 million house for a 20-year term. The current average mortgage rate is 8,75% and we forecast a 125bps rate hike by the end of 2022. If mortgage rates increase to 10%, monthly repayments will increase by 9,2% (from N$17 674 to N$19 300).<\/p>\n

\u201cHow many families will be able to afford this increase, coupled with rising fuel and food prices putting a strain on household budgets?\u201d asked Simonis. The analysts say credit extension remains far below its long-run average of 11,5%, the average calculated for the 2003-2021 period.<\/p>\n

\u201cWhile we forecast 2,5% gross domestic product growth for 2022, we believe that demand for credit will largely remain subdued. We forecast average monthly credit extension of 1,7% in 2022.<\/p>\n

\u201cWe have noted that about N$13 billion in claims were paid out from life assurance policies in the last two years.<\/p>\n

While not all claims were life cover policy payouts, these cash benefits could go a long way in financing fixed asset purchases such as homes and cars, lowering the demand for credit from a household perspective, Simonis said.<\/p>\n

For More News And Analysis About Namibia<\/a> Follow Africa-Press<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Africa-Press – Namibia. TOUGH economic times continue to prevail as manifested by the increase in the credit extended to the Namibian private sector, which went up by 2,8% year on year (y\/y) in February from 2,7% y\/y in January 2022. According to a Simonis Storm Securities analysis, net household debt increased by 2,9% y\/y in […]<\/p>\n","protected":false},"author":84,"featured_media":16402,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,5,8,16],"tags":[234,236,233],"class_list":["post-16403","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-economy","category-homepage-english","category-twitter","tag-africa-press","tag-africa-press-namibia","tag-namibia"],"yoast_head":"\nHousehold debt ballooning - Namibia<\/title>\n<meta name=\"description\" content=\"TOUGH economic times continue to prevail as manifested by the increase in the credit extended to the Namibian private ...\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.africa-press.net\/namibia\/all-news\/household-debt-ballooning\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Household debt ballooning\" \/>\n<meta property=\"og:description\" content=\"TOUGH economic times continue to prevail as manifested by the increase in the credit extended to the Namibian private ...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.africa-press.net\/namibia\/all-news\/household-debt-ballooning\" \/>\n<meta property=\"og:site_name\" content=\"Namibia\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/AfricaPressTunisiaa\" \/>\n<meta property=\"article:published_time\" content=\"2022-04-05T16:22:37+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-04-05T17:03:23+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/static.africa-press.net\/nambia\/sites\/29\/2022\/04\/img-624c764147120.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"720\" \/>\n\t<meta property=\"og:image:height\" content=\"385\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"cfeditoren\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"cfeditoren\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"1 minute\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.africa-press.net\/namibia\/all-news\/household-debt-ballooning#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.africa-press.net\/namibia\/all-news\/household-debt-ballooning\"},\"author\":{\"name\":\"cfeditoren\",\"@id\":\"https:\/\/www.africa-press.net\/namibia\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb\"},\"headline\":\"Household debt ballooning\",\"datePublished\":\"2022-04-05T16:22:37+00:00\",\"dateModified\":\"2022-04-05T17:03:23+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.africa-press.net\/namibia\/all-news\/household-debt-ballooning\"},\"wordCount\":301,\"commentCount\":0,\"image\":{\"@id\":\"https:\/\/www.africa-press.net\/namibia\/all-news\/household-debt-ballooning#primaryimage\"},\"thumbnailUrl\":\"https:\/\/static.africa-press.net\/nambia\/sites\/29\/2022\/04\/img-624c764147120.jpg\",\"keywords\":[\"africa press\",\"Africa Press-Namibia\",\"namibia\"],\"articleSection\":[\"all news\",\"economy\",\"homepage-english\",\"twitter\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/www.africa-press.net\/namibia\/all-news\/household-debt-ballooning#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.africa-press.net\/namibia\/all-news\/household-debt-ballooning\",\"url\":\"https:\/\/www.africa-press.net\/namibia\/all-news\/household-debt-ballooning\",\"name\":\"Household debt ballooning - Namibia\",\"isPartOf\":{\"@id\":\"https:\/\/www.africa-press.net\/namibia\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.africa-press.net\/namibia\/all-news\/household-debt-ballooning#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.africa-press.net\/namibia\/all-news\/household-debt-ballooning#primaryimage\"},\"thumbnailUrl\":\"https:\/\/static.africa-press.net\/nambia\/sites\/29\/2022\/04\/img-624c764147120.jpg\",\"datePublished\":\"2022-04-05T16:22:37+00:00\",\"dateModified\":\"2022-04-05T17:03:23+00:00\",\"author\":{\"@id\":\"https:\/\/www.africa-press.net\/namibia\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb\"},\"description\":\"TOUGH economic times continue to prevail as manifested by the increase in the credit extended to the Namibian private ...\",\"breadcrumb\":{\"@id\":\"https:\/\/www.africa-press.net\/namibia\/all-news\/household-debt-ballooning#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.africa-press.net\/namibia\/all-news\/household-debt-ballooning\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.africa-press.net\/namibia\/all-news\/household-debt-ballooning#primaryimage\",\"url\":\"https:\/\/static.africa-press.net\/nambia\/sites\/29\/2022\/04\/img-624c764147120.jpg\",\"contentUrl\":\"https:\/\/static.africa-press.net\/nambia\/sites\/29\/2022\/04\/img-624c764147120.jpg\",\"width\":720,\"height\":385,\"caption\":\"Household debt ballooning\"},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/www.africa-press.net\/namibia\/all-news\/household-debt-ballooning#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/www.africa-press.net\/namibia\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Household debt ballooning\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/www.africa-press.net\/namibia\/#website\",\"url\":\"https:\/\/www.africa-press.net\/namibia\/\",\"name\":\"Namibia\",\"description\":\"Just another Africa News Agency Sites site\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/www.africa-press.net\/namibia\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"en-US\"},{\"@type\":\"Person\",\"@id\":\"https:\/\/www.africa-press.net\/namibia\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb\",\"name\":\"cfeditoren\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.africa-press.net\/namibia\/#\/schema\/person\/image\/\",\"url\":\"https:\/\/secure.gravatar.com\/avatar\/7417380fa9e23b5c57fdbfdaf3fdf92ee478f759a084addda5faa3732853e74a?s=96&d=mm&r=g\",\"contentUrl\":\"https:\/\/secure.gravatar.com\/avatar\/7417380fa9e23b5c57fdbfdaf3fdf92ee478f759a084addda5faa3732853e74a?s=96&d=mm&r=g\",\"caption\":\"cfeditoren\"}}]}<\/script>\n<!-- \/ Yoast SEO Premium plugin. -->","yoast_head_json":{"title":"Household debt ballooning - Namibia","description":"TOUGH economic times continue to prevail as manifested by the increase in the credit extended to the Namibian private ...","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.africa-press.net\/namibia\/all-news\/household-debt-ballooning","og_locale":"en_US","og_type":"article","og_title":"Household debt ballooning","og_description":"TOUGH economic times continue to prevail as manifested by the increase in the credit extended to the Namibian private ...","og_url":"https:\/\/www.africa-press.net\/namibia\/all-news\/household-debt-ballooning","og_site_name":"Namibia","article_publisher":"https:\/\/www.facebook.com\/AfricaPressTunisiaa","article_published_time":"2022-04-05T16:22:37+00:00","article_modified_time":"2022-04-05T17:03:23+00:00","og_image":[{"width":720,"height":385,"url":"https:\/\/static.africa-press.net\/nambia\/sites\/29\/2022\/04\/img-624c764147120.jpg","type":"image\/jpeg"}],"author":"cfeditoren","twitter_card":"summary_large_image","twitter_misc":{"Written by":"cfeditoren","Est. reading time":"1 minute"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/www.africa-press.net\/namibia\/all-news\/household-debt-ballooning#article","isPartOf":{"@id":"https:\/\/www.africa-press.net\/namibia\/all-news\/household-debt-ballooning"},"author":{"name":"cfeditoren","@id":"https:\/\/www.africa-press.net\/namibia\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb"},"headline":"Household debt ballooning","datePublished":"2022-04-05T16:22:37+00:00","dateModified":"2022-04-05T17:03:23+00:00","mainEntityOfPage":{"@id":"https:\/\/www.africa-press.net\/namibia\/all-news\/household-debt-ballooning"},"wordCount":301,"commentCount":0,"image":{"@id":"https:\/\/www.africa-press.net\/namibia\/all-news\/household-debt-ballooning#primaryimage"},"thumbnailUrl":"https:\/\/static.africa-press.net\/nambia\/sites\/29\/2022\/04\/img-624c764147120.jpg","keywords":["africa press","Africa Press-Namibia","namibia"],"articleSection":["all news","economy","homepage-english","twitter"],"inLanguage":"en-US","potentialAction":[{"@type":"CommentAction","name":"Comment","target":["https:\/\/www.africa-press.net\/namibia\/all-news\/household-debt-ballooning#respond"]}]},{"@type":"WebPage","@id":"https:\/\/www.africa-press.net\/namibia\/all-news\/household-debt-ballooning","url":"https:\/\/www.africa-press.net\/namibia\/all-news\/household-debt-ballooning","name":"Household debt ballooning - Namibia","isPartOf":{"@id":"https:\/\/www.africa-press.net\/namibia\/#website"},"primaryImageOfPage":{"@id":"https:\/\/www.africa-press.net\/namibia\/all-news\/household-debt-ballooning#primaryimage"},"image":{"@id":"https:\/\/www.africa-press.net\/namibia\/all-news\/household-debt-ballooning#primaryimage"},"thumbnailUrl":"https:\/\/static.africa-press.net\/nambia\/sites\/29\/2022\/04\/img-624c764147120.jpg","datePublished":"2022-04-05T16:22:37+00:00","dateModified":"2022-04-05T17:03:23+00:00","author":{"@id":"https:\/\/www.africa-press.net\/namibia\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb"},"description":"TOUGH economic times continue to prevail as manifested by the increase in the credit extended to the Namibian private ...","breadcrumb":{"@id":"https:\/\/www.africa-press.net\/namibia\/all-news\/household-debt-ballooning#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/www.africa-press.net\/namibia\/all-news\/household-debt-ballooning"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.africa-press.net\/namibia\/all-news\/household-debt-ballooning#primaryimage","url":"https:\/\/static.africa-press.net\/nambia\/sites\/29\/2022\/04\/img-624c764147120.jpg","contentUrl":"https:\/\/static.africa-press.net\/nambia\/sites\/29\/2022\/04\/img-624c764147120.jpg","width":720,"height":385,"caption":"Household debt ballooning"},{"@type":"BreadcrumbList","@id":"https:\/\/www.africa-press.net\/namibia\/all-news\/household-debt-ballooning#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/www.africa-press.net\/namibia\/"},{"@type":"ListItem","position":2,"name":"Household debt ballooning"}]},{"@type":"WebSite","@id":"https:\/\/www.africa-press.net\/namibia\/#website","url":"https:\/\/www.africa-press.net\/namibia\/","name":"Namibia","description":"Just another Africa News Agency Sites site","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/www.africa-press.net\/namibia\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Person","@id":"https:\/\/www.africa-press.net\/namibia\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb","name":"cfeditoren","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.africa-press.net\/namibia\/#\/schema\/person\/image\/","url":"https:\/\/secure.gravatar.com\/avatar\/7417380fa9e23b5c57fdbfdaf3fdf92ee478f759a084addda5faa3732853e74a?s=96&d=mm&r=g","contentUrl":"https:\/\/secure.gravatar.com\/avatar\/7417380fa9e23b5c57fdbfdaf3fdf92ee478f759a084addda5faa3732853e74a?s=96&d=mm&r=g","caption":"cfeditoren"}}]}},"_links":{"self":[{"href":"https:\/\/www.africa-press.net\/namibia\/wp-json\/wp\/v2\/posts\/16403","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.africa-press.net\/namibia\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.africa-press.net\/namibia\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.africa-press.net\/namibia\/wp-json\/wp\/v2\/users\/84"}],"replies":[{"embeddable":true,"href":"https:\/\/www.africa-press.net\/namibia\/wp-json\/wp\/v2\/comments?post=16403"}],"version-history":[{"count":0,"href":"https:\/\/www.africa-press.net\/namibia\/wp-json\/wp\/v2\/posts\/16403\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.africa-press.net\/namibia\/wp-json\/wp\/v2\/media\/16402"}],"wp:attachment":[{"href":"https:\/\/www.africa-press.net\/namibia\/wp-json\/wp\/v2\/media?parent=16403"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.africa-press.net\/namibia\/wp-json\/wp\/v2\/categories?post=16403"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.africa-press.net\/namibia\/wp-json\/wp\/v2\/tags?post=16403"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}