Debt-relief bill hits financial services stocks and retailers
The Treasury estimates the debt-relief proposals could result in the write-off of between R13.2bn and R20bn of debt
16 August 2019 - 12:28
Shares in financial services groups and retailers fell on Friday morning after President Cyril Ramaphosa signed into law a controversial bill aimed at extinguishing the debts of struggling low-income earners.
It emerged on Thursday that the president approved the National Credit Amendment Bill earlier this week, paving the way for debt relief for over-extended consumers who earn a gross monthly income of no more than R7,500 and have unsecured debt amounting to R50,000...
Would you like to comment on this article?
Sign up (it's quick and free) or sign in now.
Please read our Comment Policy before commenting.
Subscribe now to unlock this article.
Support BusinessLIVE’s award-winning journalism for R129 per month (digital access only).
There’s never been a more important time to support independent journalism in SA. Our subscription packages now offer an ad-free experience for readers.
Cancel anytime.
Questions? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now.