Trevor Manuel Begs Consumers To Cut Down On Credit

We're using too much credit, warns Manuel

'I think they will get into trouble'Manuel said Reserve Bank governor Tito Mboweni had on at least three occasions spoken about rising debt and how consumers should limit spending on credit, but the message had not hit home.

"He was sending a warning about this," he said, adding that some people could soon start facing serious problems paying their housing bonds.

Manuel also expressed concern that some stores were offering mortgage and auto finance to their customers.

"I think they will get into trouble. It is this kind of thing that feeds the appetite (spending on credit), resulting in people being addicted to credit," he continued.