While regulated lenders do charge less than unregulated loan sharks, it is undeniable that borrowing money in the short term is very expensive and can easily lead to the situation where you are caught in an ever- increasing cycle of debt.
Category - Debt
Illegal loan sharks continue to operate across South Africa, using threats to collect payment, keeping customers’ bank cards and IDs, and charging interest rates so high that the client will never be able to pay it off.
After four months of debt review, a reader is so relieved and happy about the changes in his life, he wanted to share his story.
The latest figures from the TransUnion SA Consumer Credit Index suggest that South African consumers are starting to wean themselves off credit and are learning to better manage their debt repayments.
Is financial education more important than free education?
In South Africa, filing for bankruptcy is possible, but it’s not easy.
Disputed debit orders could lead to the collapse of the entire debt counselling industry unless the Department of Trade and Industry takes urgent action.
We’ve lost the plot when it comes to borrowing and saving.
Amendments to the National Credit Act have set new maximum interest rates which can be charged on a loan, based on the repo rate.
Debt review is not as simple as handing over your bills to a debt counsellor – you have to keep track of your credit provider statements