New debt relief bill poses a financial risk to economy and consumers

fin24.com

- fin24.com | a month ago

The new debt relief bill could have dire unintended consequences, warned chief economist at the Efficient Group Dawie Roodt.

The National Credit Amendment Bill was drawn up by the portfolio committee on trade and industry in the fifth parliament. The law allows low-income workers to extract themselves from debt through debt restructuring if they earn a gross income of R7 500 or less per month, have unsecured debt of R50 000, or have been found to be critically indebted.

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