There is no doubt in my mind that the economy will be effected seriously with the NCA.

I was probably first in line for a rude realization that this act is serious. I had a guy signing an offer on my house in May. He signed the offer and started delaying tactics shortly after. On the first of June he wangled himself out of the "binding" offer legally by simply stating that he wanted 10% interest rate for his bond and the bond he received was not exceptable. He clearly didn't want to buy the house anymore...

I also had a chat with a couple of my friends in the Real Estate and 2nd hand car dealerships. On the real estate side of things they have only had about 6% of their normal bonds approved, On the car dealership side it is worse for the one friend that is selling strictly cash cars. He used to sell an average of 15 to 20 cars a month. Since the 1st of June he was unable to sell one car. The market segment that normally bought from him cannot make loans anymore. The other 2 guys each own 2nd hand car dealerships are only at 30% of their average sales for this time of the year, there is no indication that this will improve.

Don't want to sound negative but we are heading for serious trouble if all of these stories are true and this continues. This will effectively put a handbrake on the economy.