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gmakerley · Posted: Thu Dec 31, 2009 12:16 pm Post subject: South Africa credit law

I just read a very interesting article about the National Credit Act, enacted in South Africa three years ago.

It seems that what they've done there has resulted in a turnaround in what was a severe credit crisis in 2002. And just what do we have here and now in the United States? Does a severe credit crisis sound like something we know about?

Anyway, I'm figuring on finding out more on the law, and the recovery that they've made over there. I'm wondering if we might have any South African members of our wonderful MortgageFit site that could weigh in with some insight on what has taken place there, and how we, as Americans, might learn from their success.

More to come...and Big Ups to Nelson Mandela!

sara · Posted: Fri Jan 01, 2010 1:38 am Post subject:

Hi George,

I did a Google search about the National Credit Act (NCA) of South Africa to know more about it. This is what I found:

NCA came into effect in South Africa on June 1st, 2007. One of the important aims of this act is to regulate credit. It also aims to protect consumers so that they do not become over-indebted and also ensures in safeguarding their rights. This act also tries to prevent the dubious lending practices on the part of the creditors. This act also looks into the fact that credit is extended by creditors in a responsible manner to all the borrowers.

Take Care.

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