Credit Bill seeks to discourage reckless lending and borrowing Sunday 9 March 2014 08:20 SABC Jo Fubbs says the newly-passed National Credit Amendment Bill will help identify and remedy the dangers of debt(SABC) TAGS: South AfricaTrade and IndustryJo FubbsNational Credit Amendment BillSouth African Broadcasting Committee Chairperson of the Trade and Industry Committee, Jo Fubbs says the National Credit Amendment Bill will change the economic landscape of South Africa. This Bill aims to lower the cost of credit that has become burdensome to South Africans and has been the cause of reckless lending. Blacklist will become history, meaning one can clear their name after settling debt and that information will be removed from the books completely, she says in an interview with SABC Morning Live on Sunday. She says that the Department is doing road shows to educate and empower South Africans. MPs will also be briefing people in their constituencies as part of the initiative. The South African Broadcasting Corporation is also broadcasting programmes to get the information out to the public, says Fubbs. She says that working with Treasury will help in regulating and identifying the dangers of debt and people will be encouraged to be more responsible in exercising their right to borrow and lend. Lenders will not be allowed by law to act recklessly and will be obliged to inform people of their rights and small loans will be subject to affordability checks, she adds. Edited by: Nomcebo Miya
Posted on: Mon, 10 Mar 2014 04:39:05 +0000
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