A parliamentary subcommittee has been established to look into the need for, and possible legal instruments to, provide debt relief to overindebted households. The trade and industry committee has set up the subcommittee as a prelude to the possible inclusion of debt relief measures into the National Credit Act, or in a separate bill. It will look at the implications of legislating for debt relief measures and will engage with a range of stakeholders about this. DA spokesperson on trade and industry Geordin Hill-Lewis said he was pleased that the terms of reference for the subcommittee had been adopted with the aim of ensuring that it did a "proper, detailed drilling down into the concept of debt relief and the legal challenges it would entail". "We will invite expert witnesses and industry to comment," Hill-Lewis said. He cautioned that care would have to be taken not to provide incentives for reckless consumption by consumers who expect to be taken care of in future by credit prov...
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