A little debt won’t hurt, will it? That’s how it starts. You make a small purchase on your credit card and then before you know it, have thousands of Rands in debt. There’s something about the debt that tempts you to keep spending even when you can’t afford the payments. Part of the allure of debt is the fact that you can get the emotional high from getting new things now, without having to deal with the pain of parting with the money now. It can feel like you’re getting something for nothing. But eventually, that spending will catch up with you, and it won’t feel so good then.
The national credit act came into operation on 1st of June 2006, with the purpose to promote a fair and non-discriminatory marketplace for access to consumer credit and for that purpose to provide for the general regulation of consumer credit and improved standards of consumer information. Black economic empowerment and ownership within the consumer credit industry prohibit certain unfair credit and credit marketing practices.
ENS Africa has been a helping hand to the community in making sure they get educated about certain aspect of life crises. The credit ombudsman says if you are incorrectly listed as being in debt counseling you should also contact the NCR to ensure that the regulator’s Debt Help System is updated. The Debt Help System is a programme hosted by the NCR to keep track of debt review applications. It is supposed to sync with the credit bureaus databases to ensure that consumer information hosted by them is correct.