Without some form of relief, the poor are debt in the water
If you think we can keep investing in Sandton and ignore Alexandra, you’re nothing short of delusional
The National Credit Amendment Bill was signed into law by the president about a month ago. Essentially it makes provision for those earning less than R7,500 a month with unsecured loans of up to R50,000 to be forgiven their debt, and start again. In some ways, it couldn’t have happened soon enough.
More than 10 million South Africans have impaired credit records. That’s about 40% of all active consumers. Something had to give.
We’ve all heard the wise counsel of those who proudly proclaim “I’ve never been in debt!” Well, bully for them! I’ve been in debt most of my adult life...