ASHA SPECKMAN: Debtors' free pass is hard for creditors to swallow
Some consumers may soon receive the "miraculous" debt cancellation prophesied in misleading church sermons if actions by parliament's portfolio committee on trade and industry are successful. Cosatu has thrown its weight behind the National Credit Amendment Bill, which the committee hopes President Cyril Ramaphosa will pass. If it becomes law, consumers earning R7,500 a month and with unsecured debt of no more than R50,000 would be forgiven the debt if they are deemed highly indebted by the National Credit Regulator. The bill mooted by the committee has been in the making for a little over two years and - unsurprisingly - has encountered numerous delays. It's a short-sighted move for a country that boasts a high, and possibly rising, unemployment rate. Economists predict further job losses in the ailing mining sector, and in manufacturing there are no better prospects - yet. On the global stage, debt pardons have typically been afforded to heavily indebted developing nations. But ap...
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