This also means that the prime rate will now drop to 10 percent, which will bring relief to many South Africans in debt. Personally it was great news for me as it means my Home Loan repayments decrease while my rental income remains strong.
Many people have been complaining that this rate cut should have happened last year already, but I’m just happy it’s come to pass. Obviously this is good news for the economy, and will help retailers as consumers should now have a bit more money to spend.
The only slight downside is for people who are trying to save money, as they would be negatively affected by the cut.
BUT, savers should start investing!
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