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Consumers should brace themselves for higher debt repayment after the South African Reserve Bank’s Monetary Policy Committee (MPC) announced a 50 basis point increase to the repo rate. This is also set to impact job creation in the country.

 


The South African Reserve Bank’s Monetary Policy Committee (MPC) has announced an increase in the repo rate. The increase means that the repo rate has increased three times since November 2021.

 


Buying something and receiving it now while paying it off later seems designed to be helpful: It lets consumers enjoy things before they pay for it and enables purchasing without the liquid cash, letting people pay it off down the road.

 


The combined effects of the pandemic, a weak economy, rising inflation and interest rates are resulting in more financial stress for many South Africans, which is taking an associated toll on their mental well-being.


Since November last year, the interest rate has gone up by half a percentage point and with economic growth prospects projected to reach 1.7%, consumers are predicted to accumulate more debt. 


South Africa has secured a loan worth more than R11 billion from the World Bank.  


The South African Reserve Bank’s Monetary Policy Committee (MPC) has increased the repo by 25 basis points which will see the repo rate rise to 4%. This also means that the prime lending rate will rise to 7.5%. 


Being over-indebted can be extremely stressful. This is when you find yourself not having enough money to meet your needs whilst trying to pay off existing debt.


Just months after the 2021 Local Government Elections (LGE) , a Northern Cape Municipality is being accused of not paying workers salaries.


A recent survey of 5000 employers found that half of them will not be paying their employees a 13th cheque or a ‘bonus’.


For many workers, the month of December comes with a bonus or 13th check. This could see some employees' income doubled for one month. 


It is official, the South African Reserve Bank’s Monetary Policy Committee (MPC) has decided to increase the repo by 25 basis points which will see the repo rate rise to 3.75% per year.


South African’s recently commemorated Freedom Day, a celebration of our nation’s struggle for democracy. But how many of us are truly free?

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