The financial situation of SA consumers is slowly getting out hand. The debt counselling company, DebtBusters, is warning that rising interest rates and higher inflation is driving consumers into debt.
Since the beginning of the pandemic consumers benefited from a low interest rate environment. However, this is expected to change with the increase in interest rate that has so far gone up by half a percentage points since November last year.
Even less encouraging is the economic growth prospects expected to remain weak with the economy only seen growing by 1.7% this year.
For more on how the soaring rates affect business and consumers, we are now joined via Zoom by Chairman and Group CEO of 360 Global Solutions Group , Khandani Msibi.
Msibi chairs numerous boards.
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