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The National Credit Act was introduced by the South African government in 2007 to promote and advance the social and economic welfare of South Africans, to promote a fair, transparent, competitive, sustainable, responsible and accessible credit industry as well as to protect all credit-active consumers. (National Credit Act, 34 of…
The debt review industry is one where many consumer’s sounds South Africa still look at with doubtful eyes. Scandals and scams of people claiming to be registered debt counsellors have all been too common in recent times. Most consumer’s still don’t have a full understanding of what it means to…
Is there such a thing as good debt? What makes debt good and what makes it bad? In very rare and exceptional cases, there have been cases where debt has proven to be more beneficial than detrimental. This, however, is hardly the case when it comes to personal finances. Financial…
Are you a possibly a victim of reckless lending? How do you know if you have been granted credit recklessly? What can you do if you have been given credit recklessly? Not many South African consumers understand what reckless lending is, how to identify it and what to do when…
More and more South Africans are considering consolidating their debts into one affordable debt with an easier repayment plan. The credit market has taken notice of this and subsequently started marketing consolidation loans to South African consumers, where one essentially borrows from a certain creditor to pay off other creditors.…