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05 Nov 2010 08:49
Before 2007, we had little protection against unscrupulous lenders who took advantage of those of us ignorant about budgets.
If we didn’t have healthy spending habits, we were often taken for a ride.
But the National Credit Act (NCA) has since put a stop to reckless lending—and in the process forced us to assume responsibility for managing our budgets.
Paul Slot, director of debt-counselling at Octogen, says that every year hundreds of thousands of South Africans fall into the debt trap. And although consumers are advised to draw up budgets, many of us don’t actually know where to start, or how to do this effectively. Slot offers these tips:
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