Jami,
Thanks for this. Great fodder for the book Kyla Neilan and I am writing on Savings Groups, "In Their Own Hands: How Savings Groups are Revolutionizing Development." to be published by Berrett Koehler in fall 2014. 76% of disposable income to service debts? That must be some kind of world record. Working through the Carsey Institute at the University of New Hampshire Bill Maddocks and will be introducing savings groups to the USA as an alternative to spiraling debt through Pay Day lenders in the USA working through existing ROSCAS in immigrant communities.
As the article points out, it is easier to identify a problem than to solve it.
Jeff Ashe
Fellow Carsey Center
Jeffrey Ashe
jaashe@aol.com
-----Original Message-----
From: Jami Solli <jamisolli@gmail.com>
To: MicrofinancePractice <MicrofinancePractice@yahoogroups.com>
Sent: Sun, Jan 5, 2014 12:16 pm
Subject: [MFP] proposed changes to South African National Credit Act
fyi article contains from very interesting stats from South Africa which you may recall has the credit legislation in place that bans 'reckless lending,' which is apparently easier said than done because they give the stats that 76% of consumers' household disposable income is being used to service debts, and more than 20% of credit active population (estimated to be 20m persons) is more than 3 mos. in arrears on loans.
Best,
Jami
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