Legal consequences of defaulting on debt obligations.
If a consumer has any problems repaying their debts, the first thing to do is to contact the creditors immediately. If they do not make an alternative payment arrangement with the creditor, the creditor can hand the matter over to a debt collector or lawyer who will take legal action against the consumer to recover the money owing. If this happens the consumer will end up paying much more for the debt, because of extra interest and legal charges, and will definitely be worse off than before. Read more
The Credit Bureau Association (CBA) today released statistics revealing that despite accounting for the majority of South Africa’s almost 20 million credit active consumers, women are better at managing their credit than men.
According to the CBA’s records 51% of South Africa’s credit active population are women and even though women make up the majority, they are doing a better job at managing their credit reputation than men. Read more