The new National Credit Act is bound to have far reaching effect in the finance industry. According to IOL, the new Act places an obligation on lenders to ensure that their clients are not overloaded with more credit than they may service. If lenders allow clients to take on too much credit, lenders may be severely penalised.
The Act is also expected to have an impact on the practice of requiring clients to sign suretyships which so often lead to homes being repossessed by homeowners unable to service their mounting debt.
For more information on this Act, read the Personal Finance article here.
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