n Personal Finance Newsletter - A worrying financial paradox : comment

Volume 2015, Issue 416
  • ISSN :



There is currently an advert running on television for a micro-lender. It promises, "fast, easy little loans", and a visit to their website confirms that it is hardly any trouble at all to get one. Every week I get SMSs from my bank and my life insurer encouraging me to take out loans of anything up to R250 000. All I have to do to get the ball rolling is reply in the positive, and someone will call me to make it happen. At least once a month someone calls me to offer me a credit card. The whole thing can be arranged right there and then over the phone. Even easier with retailers offering me store cards - the credit is already approved, and the card is already in the envelope. All I have to do is go into the store and activate it.

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