Mark Barnes Columnist

The National Credit Amendment Bill was signed into law by President Cyril Ramaphosa about a month ago. Essentially it makes provision for those earning less than R7,500 a month with unsecured loans of up to R50,000 to be forgiven their debt, and start again. In some ways, it couldn’t have happened soon enough.

More than 10-million South Africans have impaired credit records. That’s about 40% of all active consumers. Something had to give.

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 exclusive Financial Times articles, ProfileData financial data, and digital access to the Sunday Times and Times Select.

Already subscribed? Simply sign in below.

Questions or problems? Email or call 0860 52 52 00. Got a subscription voucher? Redeem it now