Debt survey: Consumers unaware of rights

Cape Town - It is a pity most debtors are not aware of laws which determine that a debt prescribes - therefore, becomes null and void - if a creditor has not attempedt to collect it for three years, Debt Rescue CEO Neil Roets said on Monday.

He explained that a joint survey conducted by Debt Rescue and Fin24 found that only 40% of respondents actually know about such prescription legislation.

It became clear in the survey that debt has a major impact on the well-being of consumers. Of the more than 6 000 Fin24 users who responded to the survey, 42% admitted that they were continuously worried about their debt situation.