Prescription –  You cannot be forced to pay your Debt

Prescription – You cannot be forced to pay your Debt

As a result of interest rate hikes, weakening currency, high inflation, low wages, droughts and unemployment, South Africans are taking more loans to supplement their income. According to the World Bank, South Africans were the biggest borrowers in the world in 2014. They have already accumulated more than R1, 63 trillion of unsecured debt from various financial institutions with credit cards, store cards, bank overdrafts and personal loans, but excludes debt accumulated from friends, family and private micro-lenders.

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