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Rising interest rates fuel concerns over debt repayment

# South Africa’s economy faces mounting debt and mortgage challenges due to high inflation and increasing interest rates, impacting loan repayments. With interest rates reaching 11.75-percent, consumers are grappling with increased pressure on mortgage repayments, leading to a rise in non-performing loans, particularly in the housing sector. Instalments are 42-percent higher today than in November 2021. Standard Bank’s Chief Risk Officer Thabani Ndwandwe urges consumers to use available debt relief services promptly to avoid legal action and prevent credit score decline, which could hinder future credit applications.