Monday, July 04, 2011

National Credit Act

The National Credit Act has now been in force for a few years and it is time to reflect on the implications and effect of the Act. Everyone will remember the mortgage bonds and loans that were being thrown at the public before the Act was implemented. Over time, the value of not lending recklessly has been appreciated and our banks are far more cautious than previously in granting loans to people who may not be able realistically to afford the repayments.

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