Editor’s Note

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Our Editor’s Note

Isn’t South Africa a place of wild contradictions?

Right now, we have strikes and protest action everywhere, Xenophobic attacks on one side of the country while on the other side recently, people were marching to demand that violent men stop being violent! The army is playing bodyguard to the Cape cops, and lots of low level crooks have been rounded up while in the same area, gang lords roam free right past the same cops.

The Rand is doing well and even foreign Royals are visiting our shores, at the same time politicians are accusing each other of being involved in corruption. New commissions are being established to track down stolen money, while older commissions are yet to result in arrests.

‘We live in a country where more people have access to credit than have jobs’

Moody’s is threatening a rating downgrade that will chase off investment while the government, miraculously raises an extra 1 Billion Rand by issuing more long term bonds, due to high demand.

We live in a country where more people have access to credit than have jobs. Where half the people in the country, technically, live below the poverty line while retailers are disappointed by their low sales. All this, during a worldwide economic recession where global markets have shrunk, and people have lost jobs.  No wonder people are turning to the assistance of debt review.

In this issue, we look at a recent court case that has given clarity on an issue that was bothering the entire debt review industry (and consumers) for ages. It centers round leaving the debt review process. The ruling will encourage you to keep going with the debt review process and to help those who are contemplating entering the process to give it serious consideration before they start the ball rolling.

The DTI has also initiated discussions about proposed changes to make to the Regulations for the National Credit Act.  Some of their plans will no doubt surprise or shock you. We discuss some of their proposals in this issue of the magazine and we will continue to track them as the DTI go ahead with making changes.

Too many contradictions can leave your head spinning, unsure whether to be happy or sad, until you head to the petrol station and prices are up again or when your food bill is higher than your limited budget.  Perhaps the rugby world cup can distract us from our problems, but maybe not.  It is natural to want a better life – to get clear of debt and start building towards a positive future. It is also natural to want to have some control over your future. So, if you can’t control all the contradictory wildness around you politically and economically, at least you can keep paying off your own debts and taking another step, this month, towards being debt free.

 

This article first appeared in the Sept 2019 issue of Debtfree Magazine.