Archive for March 2020

The National Credit Act was introduced as a means to help curtail reckless lending. The Act came into effect in June 2007. Before 2007, it was relatively easy to borrow money, or apply for hire-purchase, regardless of whether your affordability was such that you could in fact pay back the loan or the repayments on…

Your financial status refers to your credit score. It doesn’t refer to your standing within your community, but rather your affordability. A credit score is a statistical number that evaluates a consumer’s creditworthiness and is based on credit history: number of open accounts, total levels of debt, and repayment history. Lenders use credit scores to…