‘Fearless’ campaign against breast cancer
ending in March.
He said the decision to review interest rates was made in Parliament in 2013 after public hearings on the National Credit Amendment Act and the research conducted on over-indebtedness showed that the interest rates charged to consumers were very high. Coupled with that, no review of interest rates and fees had been conducted since 2007, he said.
Davies added that after interactions with various role players, the implementation of Affordability Assessment Regulations has since been postponed for a period of six months (effective from March 13 to end of September) in order to give time for the industry to align their systems.
However, Ian Wason, chief executive of debt counselling firm, DebtBusters, said the dti’s affordability assessment suspension would hurt consumers in the long run.
“I call on the Minister of Trade and Industry to give reasons as to why the suspension was necessary and make assurances that the suspension will only hold till the end of this month.”
DebtBusters believed many consumers would be adversely affected by the decision, something that implementation of the regulation would have prevented.
Stats released by DebtBusters, in its quarterly Debtometer last month, showed that it is often the poor that are hardest hit by debt. Lower income earners have over 90 percent of their debt as unsecured debt.
Added to this, short term credit of between R5 000 and R8 000 has increased by 389 percent within a year, with over 1.1 million South Africans taking out payday loans each month.
Wason added that of the 23 million credit active consumers in South Africa, nearly 60 percent have impaired credit records, meaning that they defaulted on one or more of their accounts, according to the National Credit Regulator.
He said a further 10.4 percent have been issued judgements and administrative orders as a result of non-payment of consumer accounts. AFRIKAANS rapper Jack Parow, his guitarist Loki Rothman and motorcycling company Harley-Davidson Africa will be “Fearless” to raise awareness about breast cancer.
The Fearless campaign is a music tour which will be raising funds for the Cancer Association of South Africa (Cansa).
The campaign comprises three concerts – in Cape Town, Durban and Joburg.
The first concert will take place at the Harley-Davidson Tygervalley dealership next Wednesday.
The others will be at the Durban dealership next Thursday and the Zambezi dealership in Gauteng on September 24.
Jack Parow, whose real name is Zander Tyler, said Fearless was about people “standing up for who they are and not being afraid”.
“My aunt passed away from breast cancer, and my grandmother and father were both cancer sufferers. Cancer has touched many in my family so it’s always a cause that is close to my heart.”
Guitar virtuoso Rothman said the campaign gave him an opportunity to give back and make a difference through his music.
“Cancer has been a growing problem globally. I want to help shine some light on this problem to create awareness. It’s great to be part of a show that allows me to use my music to raise funds for this cause.”
Last year, Harley-Davidson Africa raised R100 000 when they launched Snors for a Cause campaign which was in support of testicular cancer.
Harley-Davidson Africa’s marketing manager, Juan Mouton, said the campaign was to encourage South Africans not to be scared of the disease, but to unite and take action.
“Whether it’s a mother, sister, daughter or friend, most of us have been affected by breast cancer, directly or indirectly.
“Through our combined efforts we want to support these fearless women and give them something that will make their hearts race again.
“Being fearless is about breaking down the barrier of ‘it wont happen to me’ or ‘I’m too young’, which is exactly why we are joining hands with Cansa to educate women on the risks, the signs and, most importantly, the way they can protect themselves and their loved ones.”
Cansa spokesman Professor Michael Herbst said there was huge excitement about the Fearless campaign.
Tickets for the Fearless concerts are available at Webtickets at R175 per person.