New Limitations on Fees and Interest Rates in terms of the National Credit Act from 6 May 2016

On 6 May 2016, the Limitations on Fees and Interest Rates Regulations (Final Regulations) in terms of the National Credit Act, 2005 (NCA) will come into effect. These regulations effectively amend interest rates and fees, which credit providers can levy on consumer credit such as  consumers’ home loans, credit cards, store cards and unsecured credit transactions. See the following short article for a summary of the new interest rates and charges: http://www.polity.org.za/article/new-limits-for-consumer-credit-charges-2016-03-10.