Motor industry is running on empty
By Thabang Mokopanele From Businessday.co.za
FOUR years of booming sales accompanied by huge investments have come to a screeching halt as the motor industry faces the spectre of dealership closures and widespread job losses.
The motor industry, which has been a direct beneficiary of the expansion of the economy at an average rate of 5% every year since 2004, is now in the doldrums due to consumers' dwindling discretionary income .
Interest rates are widely expected to rise this week. Nobody wants to lose their cars or their homes. Check to see whether you can consolidate your debt. Review your vehicle finance and pay off your credit cards. Open a savings account and consider the home loan that you have. Times are getting tougher and now is the time to get your finances sorted out.