Cash is king as rate hikes sting shoppers
By Nicola Mawson From Businessday.co.za
THE credit binge seems to be over, with consumers turning to cash instead of credit as rate hikes start to bite. As rising food and fuel prices put pressure on disposable incomes, consumers are finding it harder to service their debt, which will have long-term consequences for credit sales.
If cash is king make sure that your savings accounts and bank accounts have the lowest charges and highest returns. Consolidate your debt with your homeloan or a personal loan and consider transfering your credit card so you can pay it off at a cheaper rate.