Credit bill means people might escape repaying their debt, banking group warns
Banks will either have to price in higher risks or avoid lending to low-income customers altogether, the Banking Association SA says
16 August 2019 - 14:09
Local banks are concerned that some of their customers will get away with not having to repay their debt.
On Thursday, President Cyril Ramaphosa signed the National Credit Amendment Bill into law, setting the groundwork for over-indebted consumers to have payments suspended, in part or full, for as many as 24 months, or even scrapped if their financial situation has been found to have worsened...
BL Premium
This article is reserved for our subscribers.
A subscription helps you enjoy the best of our business content every day along with benefits such as articles from our international business news partners; ProfileData financial data; and digital access to the Sunday Times and Sunday Times Daily.
Already subscribed? Simply sign in below.
Questions or problems? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now