Debtfree Magazine January 2020
The January issue of SA's free debt counselling and debt review magazine. We look at the recent R1 million fine handed to a Debt Counsellor and ask if this can be a good thing somehow for the industry. We also have news, tips, advice and more.
The January issue of SA's free debt counselling and debt review magazine. We look at the recent R1 million fine handed to a Debt Counsellor and ask if this can be a good thing somehow for the industry. We also have news, tips, advice and more.
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ANOTHER
NEW BANK
REPO RATE CUT
Wall Street’s famous Goldman
Sachs Group have been
given the official go ahead
to open a bank here in SA.
They have become members
of the Johannesburg Stock
Exchange and will now expand
their existing local services
from asset management and
advising to consumer banking.
Though they have been active
as a brand somewhat under the
radar in SA for 20 years already
they will now join the likes of
Discovery Bank and Tyme Bank
and begin to compete for local
banking business.
Most people were pleasantly
surprised when the SA Reserve
Bank Monetary Portfolio
Committee announced a small
rate cut this month.
The rate now sits at 6.25%
meaning that the various banks
have to drop their linked rates
to their clients making it slightly
more affordable to repay debts.
It is likely that there will be
rate increases in the future and
consumers should enjoy and
take advantage of the lower
rates while they last.
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