The current environment of high interest rates as well as high cost of living makes life exceedingly difficult for consumers and they often opt to borrow more money to make ends meet. Between the high interest they have to pay on their debt and price increases from fuel to food, many South Africans are struggling financially and many are forced to borrow.
“Your credit history provides insights into your habits and behaviours and how well you can manage the debt responsibilities that come your way. A favourable credit history and a good score lets lenders assess the risk you present to them when you apply and a positive history and score significantly improve your chances of being granted credit.”
“While many experts believe that South Africa is at the top of the current interest rate hike cycle, it is likely to be a while before any drops in the interest rate make a difference to consumers’ cost of living. That is why it remains important to have a holistic strategy for financial management, beyond focusing on how you manage credit,” Chetty says.
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