This is supposed to be it? You and I will be protected from "WRECKLESS" lending for homes and cars and the like. The banks will without doubt decline anything that looks like "WRECKLESS" lending as well...........AND the Credit Bureaus (Yes the same ones who nail you for not paying your Edgars bill on time) will for the first time be regulated....whoohoo!
Does this affect you and me. For sure. This means that each time I want credit of any kind, I need to do my home work properly and make sure I can afford it, not only now, but also down the road when we get one of those "MBOWENI SPIKES" in the interest rate.
The banks are all gearing themselves up seriously for this new credit act and all those people who profess to be your financial advisor better come up with committment to you and be your true agent, especially if you are a property buyer. Proper advice and backed by the banks - thats the call. (Watch them all scurrying to find out what needs to be done).
Check out - Government site - Yes it's good reading!
News sites that are excellent - Personal Finance and My Buddy Erwin Rode and Business Iafrica
Get with the act my friends - dont become a WRECKLESS nervous WRECKING lender!!!!