South Africa led the way when it comes to protecting the consumer from lenders, and it also led the way when it comes to protecting the consumer from himself or herself. What is more, the South African financial sector is among the best when it comes to regulation and financial discipline. So it comes as no surprise when one hears that only now, some time after SA, that far more advanced economies, such as the US and the UK, are looking at legislation to do, in many ways, pretty much what our National Credit Act does. The wake-up call was, of course, the global recession, when companies and individuals went to the wall, but why? Everyone with half a brain cell knows that economies follow cycles and as sure as God made little green apples, high interest rates will follow low. Perhaps we have all learned something and will keep our credit liabilities down and put that idea of the new Ferrari on hold for a year or two. Or will we? Come the next recession, don't die of surprise if we see the same thing happen all over again.

Rod Baker, General Manager: Content
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