Discussion | Money Matters | Myths around debt repayment

CAPE TOWN - When you borrow money, you’re legally obliged to repay that debt.

There are some legal protections for borrowers, such as in duplum, which limit the total cost of the debt, and the Prescription Act where a consumer’s liability for a debt can be extinguished after a prescribed period.

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However, there is misinformation on social media about how to get away with not paying your debts.

People who follow this advice will find themselves facing legal action.

Maya Fisher-French, a personal finance expert spoke to eNCA.