As interest rates held steady last week, South Africans were disappointed that the Reserve Bank’s Monetary Policy Committee failed to bring much-needed relief to the economy.
Rising Cost of Living
Debt Rescue highlighted the challenges faced by families as the cost of living and inflation continue to rise, making it increasingly difficult to afford basic necessities, including food.
High Repayment Costs for Heavily Indebted
CEO Neil Roets stated: “For people who are heavily in debt, the unchanged interest rate means they continue to face high repayment costs. This makes it even harder to escape the cycle of debt and meet everyday expenses.”
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