Debt Rescue CEO, Neil Roets, expressed disappointment at the South African Reserve Bank’s recent 25 basis point interest rate cut, stating that it is too little, too late to alleviate the severe financial difficulties facing many South Africans.
Relief Insufficient for South Africans in Poverty
While acknowledging that any form of relief is welcome, Roets pointed out that the small decrease will not make a significant difference for over half of the population, with 55% currently living in poverty.
Middle Class on the Brink of Financial Ruin
According to Roets, the modest reduction in interest rates offers little hope for the middle class, many of whom are teetering on the edge of financial ruin due to overwhelming debt. He warned that South Africans have reached a breaking point with no remaining options to turn their financial situations around.
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