During an interview on SABC NEWS, Debt Rescue COO Annaline van der Poel expressed concern that the recent 25 basis point interest rate cut by the South African Reserve Bank (SARB) offers insufficient relief. She noted that it will not provide meaningful support to heavily indebted consumers.
The rate cut brings the repo rate down to 8%, and the prime lending rate to 11%, marking the first rate reduction in four years.
Consumers Still Face Significant Financial Pressure
While some analysts view the cut as a positive step in easing financial pressure, Van der Poel argues that for the average consumer, the impact will be minimal. “For the average consumer, it might mean a few hundred rands back in their pockets, depending on their debt exposure, but is it enough? No. Consumers are still struggling severely to even put food on the table,” she explained
Watch the Interview Here
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