Today’s Repo Rate reduction means that the new Prime Lending Rate is now 7,75%pa.
Here are three things you need to know about a Repo Rate reduction:
- 1) Your credit agreements may become more affordable;
- 2) Banks will automatically reduce your interest rate;
- 3) If you’re under debt review, bear in mind that your rates are already restructured or adjusted dramatically on unsecured debt with a court order. Further rate reductions are at the discretion of the banks and usually only apply to Home Loans and Vehicle or Asset Finance credit agreements.
At Cape Debt Clinic, we pride ourselves in personal service. If you are struggling with too much debt and need to talk to somebody, contact Karin (Registered Debt Counselor NCRDC1647) on 073 903 6942 or submit a query by clicking here.