While all eyes are on the banking industry’s credit expansion, the mass market faces a far greater threat from credit extension by furniture retailers. According to LifePower, a company that provides financial literacy education to workers, furniture retailers that provide credit, including big brand names such as Joshua Doore and Ellerines, are largely responsible for the debt traps consumers find themselves in.

Number portability is finally here. That means that, if you want to keep the cellphone number, you have had for 10 years, you no longer have to stick with the cellphone provider you first signed up with. The first three digits of a cellphone number will no longer relate to the cellular provider and consumers can shop around for the best packages without notifying their entire contact list about a change.

From the beginning of December, the life industry’s statement of intent, which sets the new minimums in terms of surrender values, comes into force. This has major implications for people who have made changes to their retirement annuities, endowment or whole life policies since January 2001.

Michael Jordaan, CEO of First National Bank, was in an upbeat mood when we met for lunch. The latest GDP figures had just been released and bode well for the economy. They also proved that the bank’s position on the economy was correct and that it had not been overly optimistic in its business plans.