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HOW DEBT CREATES ECONOMIC APARTHEID

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The voice of South African consumers has still not been heard with regards to the Draft National Credit Amendment Bill, according to Summit Financial Partners CEO Clark Gardner.

Gardner was speaking to Fin24 about the bill, reckless lending, and the lack of financial justice for the economically disempowered after his input into public hearings around amendments to the National Credit Act in early February.

With consumers at times still paying 300% to 400% interest per year for credit, he argued the amendments that came out of the hearings were driven by the credit industry and lawmakers, and that the act as it stands amounts to a "whole lot of white noise that you can’t implement”.

Source - Fin24

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