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Cap on credit insurance will hit many lenders hard

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Johannesburg - The war on consumer overindebtedness is about to get very bloody.

Government has finally released draft legislation for a cap on credit insurance – something advocated for by Treasury.

The proposed maximum, released on Friday by the department of trade and industry (the dti) is far lower than the rates currently being charged by credit providers, including major furniture retailers and the sprawling microcredit sector.

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