With June 1st looming people seem to be heading into a state of panic. We've had thousands of queries about what the credit act is and by the look of search trends on the net this month... It's a big deal to South African's, and rightly so.
It's nothing to be scared of, unless of course you're hiding something ;-) in which case, be careful! The NCA are apparently a force to be reckoned with. It is however a BIG step forward for South Africa and it's about time we started regulating credit!
Here's Wizard's TOP 5 list of positives for the National Credit Act!
1. Prevent the reckless lending of credit
2. Preventing South Africans from taking credit without being able to afford it
3. Monitoring of interest rates for all credit lending
4. Customers will be protected by the ACT
5. No more misleading and deceptive marketing by credit lenders will be allowed
Welcome to a step forward in South African history. For more information please go to http://www.nca.org.za or check out the National Credit Act.