NEW CREDIT ACT - HOW DOES IT AFFECT US?

With the implementation of the New Credit Act there is total financial transparency between the banks. Clients who apply for credit are required to complete an Income & Expenditure Form to prove that they can manage the debt and a Declaration Form to stipulate that they understand the nature of the debt and accept the liability for repaying the debt. No longer will we be bombarded with credit options that we cannot afford to repay but that are lavished upon us so "freely".