100% satisfaction guarantee Immediately available after payment Both online and in PDF No strings attached
Previously searched by you
ENG2612 OCTOBER NOVEMBER PORTFOLIO (COMPLETE ANSWERS) 2024 - DUE 9 October 2024 ; 100% TRUSTED Complete, trusted solutions and explanationsR46,48
Add to cart
, QUESTION ONE: Read EXTRACT A below and answer the question that
follows. Extract A Editorial: Financial illiteracy breeds debt By Editorial Millions
of South Africans are drowning in debt. Consumers owe more than R2.5
trillion to their creditors Millions of South Africans are drowning in debt.
Consumers owe more than R2.5 trillion to their creditors. And that’s just what
can be estimated from legal sources. Debt is debilitating. It tears families
apart, fuels crime and destroys lives. We cannot allow ourselves to be
comfortable with the fact that so many of us are scraping by to meet monthly
interest payments. Innumerable micro- and macro-economic factors have led
us here — and rarely are two individual situations alike. We are a grossly
unequal country. Debt doesn’t discriminate by class; it ensnares some in their
interminable pursuit of the excesses of modern life, and captures others who
hope only to put food on the table. But one factor continues to float to the top:
financial illiteracy. We are continually taken aback by the lack of
understanding of monetary matters across all sections of society. This
perception is borne out in reliable data. According to a 2015 survey by the
Financial Sector Conduct Authority and Human Sciences Research Council,
South Africa has a financial literacy rate of 51%. In 2021, the Organisation for
Economic Co-operation and Development put that number at 42%. A dearth
of understanding first creates debt and then entrenches it. It is an intractable
problem. Such an environment allows the nefarious to flourish. Mashonisas
(loan sharks) and other unscrupulous fly-by-night microlenders lurk in
newspaper classifieds and online running adverts that read something like:
“Need a loan? Blacklisted? No problem.” Despite the ubiquity of debt, we are
afraid to talk about it. A lack of understanding breeds stigma, forcing many to
suffer in silence until it is too late, or turn to the dangerous informal sector. We
have to collectively change that thinking. As the late anthropologist David
Graeber wrote: “If history shows anything, it is that there’s no better way to
justify relations founded on violence, to make such relations seem moral, than
by reframing them in the Page 2 of 6 CONFIDENTIAL ENG2612 OCT/NOV
2024 language of debt — above all, because it immediately makes it seem
that it’s the victim who’s doing something wrong.” There is a vast market of
some 10.09 million consumers with impaired credit records, according to the
National Credit Regulator, a number that rose 2.7% during the first quarter of
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through EFT, credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying this summary from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller Seller28. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy this summary for R46,48. You're not tied to anything after your purchase.
