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Old 03-04-2016, 05:26 AM   #1
Ross
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Default About those payday loans .

Short term , expensive debt in South Africa .

Quote:
“This addiction - driven by desperation for cash - has led to the increase in payday loans.
Almost two million South Africans rely on payday loans every month, according to the
latest Consumer Credit Market Report (CCMR)," said Wason.

What is even more concerning to him is that payday loans between R5 000 and
R8 000 have increased by 463% this year. The CCMR also indicates that only
65% of unsecured accounts are up to date.

The latest Debtbusters Debtometer report shows clients required 102% of
their net income to service their debt before paying for any living expenses.
I am guessing that most of those people are literally unable to do
basic arithmetic .

I suppose I would be labelled a control freak if I suggested lending to the
innumerate without the participation of a literate supervisor should be illegal .

Full article here .
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Last edited by Ross; 03-04-2016 at 05:35 AM.
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