Naive consumers falling for marketing promises
Cape Town – In South Africa much more needs to be done – even at school and tertiary level – to make consumers more money savvy in order to protect them from “the hordes of vultures out there” trying to part them from their hard-earned money, according to Anneline van der Poel of debt management […]
Alarming rise in balloon car payments in SA
Data from financial services company, Wesbank, shows an alarming increase in balloon vehicle payments in South Africa. A balloon payment is a way to shift a percentage of the car loan to the end of the loan agreement, notes SuperGroup. This enables you to have lower monthly installments because your monthly payment is calculated on […]
Jingle bells in spite of the bills
Cash-strapped families make a plan to ensure the silly season remains festive SAVVY consumers are ahead of the Grinch — and will not let anything steal their festive cheer this year. On the back of yet another tough economic year, a weak rand and this week’s interest- rate hike, families are outsmarting the system with […]
Interest rate hike a dire blow for poor – experts
THE Reserve Bank’s latest rate hike of 25 basis points will leave consumers with less jingle in their pockets this festive season, say experts. The bank announced yesterday that interest rates would increase 25 basis points, bringing the repo rate to 6.25% and the prime lending rate to 9.75%. The rate rises would hit consumers […]
Catastrophic consequences of rate hike
Yesterday’s interest rate hike of 25 basis points will cause all debt repayments, such as mortages and vehicle and credit card payments, to increase, putting additional financial strain on consumers, economists warned yesterday. The hike announced by the Reserve Bank’s Monetary Policy Committee (MPC) brings the prime lending rate to 9.75%. Further hikes in lending […]
Festive joy’s only for a few
Consumers warned: with price increases on horizon, don’t buy what you can’t afford THE WESTERN Cape’s festive season is likely to see a mixed bag of results with low consumer confidence and over-indebted- ness leading to moderate retail sales, but the province’s tourism sector is set for a bumper season, say experts. First National Bank […]
Squeeze to get tighter
CONSUMERS will have to dig deep to keep afloat after an increase of 25 basis points in the interest rate was announced yesterday. The new rate at which the Reserve Bank lends to commercial institutions is 6.25%, with the prime lending rate as generally charged by banks rising to 9.75% The increase caught many economists […]
How we borrow money in South Africa
A report published earlier this year showed that South Africa ranks as the top country in the world for loans taken out. Rising fuel prices, a shot currency, rising interest rates and a lack of jobs, together with a stagnant economy already points to a bleak festive period for millions of South Africans, many of […]
Don’t be silly this festive season
Johannesburg – As South Africans gear down for the festive season, a debt management company is warning that they risk over-extending their wallets and ending up in financial difficulty come January. This is now especially the case after the South African Reserve Bank raised the repo rate last Thursday, taking the prime lending rate to […]
Rand softer after interest rate hike of 0.25%
THE rand softened against the dollar after the Reserve Bank’s monetary policy committee (MPC) raised the repo rate by 25 basis points to 6.25% on Thursday, citing concerns over a weak rand and rising inflation. It was widely expected that the MPC would keep rates on hold as weak oil prices and a struggling local […]