The New National Credit Act has kicked in with far reaching implications for the micro-financing industry and for anyone who has ever extended or used credit facilities. I've seen many articles in consumer magazines and newspapers explaining to the public about Debt Counselors and how credit bureaus now have to operate and what reckless credit is and how companies have to be more responsible with credit.
I've seen articles setting out all the procedures and steps that have to be followed before any person can receive credit, but I wonder how much has actually sunk in and how many people bother to read those articles. I'm sure they skip them and read the one about Paris' Hilton's prison traumas on the next page.
But companies are now legally liable to be more responsible even if consumers are mostly pretty ignorant about their rights and liabilities as far as debt is concerned.
In spite of this South Africa has 12 000 active, registered debt collectors, the Council for Debt Collectors revealed in Pretoria on Thursday.
"The past year alone, almost 3 000 applications were approved. This represents a 16 percent increase on the previous year," council chairperson Jasper Noeth said at a public information session.
He said the registrations were made under the Debt Collectors' Act which had transformed the industry since it had come into operation four years ago.
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