Also, consumers are no longer saving less and borrowing more on credit card, home equity and other loans to bridge the gap between income and desired spending growth.
The NINA was designed as a sort of bridge loan, said Vice Chairman John Hart, for borrowers who have a bad credit rating but need money until they can repair it and get a lower-cost loan from somebody else.
This bridge-building role continued after he returned to South Africa, and he can take much of the credit for reassuring South African and international business interests, and foreign governments, that a post-apartheid South Africa would be a safe place for their money.