Portfolio Committee on Trade and Industry comments on the credit situation in the country

Loyiso Langeni
22 March 2015

The Chairperson of the Portfolio Committee on Trade and Industry Joan Fubbs has challenged the banking sector to lend money in a responsible manner.

She was speaking at the Credit Amendment Act conference which was held in Boksburg this week.

She emphasised that the National Credit Amendment Act had saved the country from the global economic crunch in 2007.

Department of Trade and Industry Spokesperson Sidwell Medupe said The Chairperson of the Portfolio Committee on Trade and Industry, Ms Joan Fubbs says government and the private sector need to work together to improve the credit situation in the country and combat over-indebtedness.

“Fubbs also highlighted that there were still challenges with regards to enforcement of affordability tests and payment attachment orders and urged stakeholders to tackle those in order to reduce over-indebtedness.” Medupe added.