Madam Deputy Speaker, the UDM notes with dismay the latest reports on current consumer debt. It is reported that the National Credit Regulator has pegged the figure of consumers who are currently receiving debt counselling at almost 100 000.
Their collective debt totals R20 million, more than half of which relates to mortgages. It means that tens of thousands of households are in deep financial trouble and may lose their homes. What is of even greater concern is that there are predictions that the number of consumers under debt review may expand to 150 000 by the end of this year since an average of 10 000 applications are made every month.
The current court backlog due to legislative uncertainty has created a further problem which we hope will now begin to be resolved after the recent Pretoria High Court ruling on the matter. It is incumbent, though, on this House and the executive urgently to clear up any confusion and uncertainty that remain in the National Credit Act. In the meantime it is our duty as representatives of the people to raise public awareness about responsible financial behaviour. In this regard all of us should live and work in such a manner that we refrain from extravagance and conspicuous consumption. I thank you.