President Jacob Zuma has signed into law the National Credit Amendment Act, 2014. The Minister of Trade and Industry, Dr Rob Davies says this will amongst others offer more protection to consumers against irresponsible / reckless lending practices. He said it is unacceptable that 50% of about 21 million credit active consumers’ records are impaired, and many are currently unable to access credit and employment due unsecured lending and irresponsible lending practices.
Minister Davies says it is an obligation of the government to protect vulnerable consumers against unscrupulous practices. This law will improve the effectiveness of Debt Counselling, Debt Review, and the work of Payment Distribution Agencies.