How hike will affect you
By Abdul Milazi
Things will get worse for consumers before they get better, that everybody knows by now. But just how bad is the question.
Paul Beadle, managing director of SA's on-line guide to money, www.justmoney.co.za, told Business Times that if Reserve Bank Governor Tito Mboweni increased interest rates by even 1% , let alone 2% , ‘‘a lot of people will be pushed over the edge into bankruptcy".
The widely expected interest rate rise could lead you to be paying a whack load more than you had bargained for. Even a small rise in the interest rate can have a huge knock on effect. Check out your home loan, consolidate your debt and compare credit cards. The crunch is here. Work out what could happen to you.