Capitec Bank’s earnings report came with a stark warning about the misuse of the debt review process. CEO Gerrie Fourie’s comments have shone a spotlight on a growing concern that could have far-reaching implications for the country’s credit market.

Debt counsellors are supposed to be the unsung hero, the last bastion of hope for the overindebted and spendthrifts, guiding them from their financial ruin to solvency. Except some of them don’t. Some are more like a wolf in sheep’s clothing lurking in the shadows. ..

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