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Gallo Images/Edrea du Toit
Appetite for credit appears to be on the rise among cash-strapped South Africans, with Truworths reporting in its latest annual results that it received a record five million applications to open accounts. But the JSE-listed retailer only approved about 840 000 of them, or about 15%, saying it has to be especially careful.
“I tell you we are being more conservative than we ever have been in issuing credit,” CEO Michael Mark told investors during a presentation on the group’s year to 2 July.
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