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The debt counselling process – closing the loopholes in the National Credit Act 34 of 2005
Abstract
According to statistics provided by the National Credit Regulator (NCR) 41.6% of the 17.57 million credit-active South Africans had impaired credit records in December 2008. This "impaired records" figure rose by 4% when compared to the quarter which ended in December 2007. Since December 2008 the number of consumers with impaired credit records has further increased. As at March 2009 credit bureaux had records for 17.61 million credit-active consumers. The data showed that the percentage of consumers with impaired records was 42.4% at the quarter ending March 2009. This was an increase of 0.8% when compared with the quarter ending December 2008 and an increase of 4% when compared with the quarter ending March 2008.