The 25 basis point interest rate cut announced by the South African Reserve Bank (SARB) is a step in the right direction, but it falls far short of the relief needed for struggling consumers, warns Neil Roets, CEO of Debt Rescue.
Speaking to Business Report, Roets explains that millions of South Africans remain trapped in a relentless cycle of debt, with nearly 10% of disposable income consumed by loan repayments.
While any rate cut is welcome, Roets stresses that this modest reduction won’t provide the real financial relief needed to ease the burden on over-indebted consumers.
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