By Michelle Korte –
A middle aged woman from Eastern Cape, has found herself in huge debt after she took a wadrobe, a bed and cupboard from the furniture store Ellerines under a 48 month payment plan by African Bank. The woman has found herself with a 240% price hike after the calculation of this interest was not explained to her. “The phenomenon of exploitation of consumer credit is a long-standing issue, and government has woken up to how perverse and extractive it is,” says Elroy Paulus, the national advocacy manager of Black Sash Trust.
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