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 and homeowners but the poor the hardest. Seeff Property chairman Samuel Seeff said: “The hike means a homeowner with a 20-year loan of R1 million will see their monthly repayment rise from R9787 to R9959. Debt Rescue said the drought in food producing areas, the interest rate hike plus a rapidly weakening rand would be dire for the poor. – Staff Reporter See Business Report

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