Interest rate hike means more belt tightening for consumers! Today the Reserve Bank introduced a surprise 50 basis point hike in interest rates taking the Repo Rate to 5.5% and the prime rate to 9%. The National Credit Act interest rate calculations are linked to the Repo Rate. This means that as from the 30th January your monthly instalments on all your credit agreements are going to increase. This means you will need to adjust your budget to accommodate the increases. Unfortunately it means cutting down on non essential expenses like entertainment. Most credit provider sites have calculators to help you see how much extra you are going to pay. Otherwise check your statement or ask them. If you will struggle to afford the increase seek help early. We are here for you!
Posted on: Wed, 29 Jan 2014 16:30:07 +0000
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