Loan Digest

What's the best thing to do: save more or pay off debt

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OPINION | The simplest form of saving is through a fixed deposit at a bank, where the rate of interest that the bank pays you is typically linked to the repo rate, the rate at which banks borrow from the South African Reserve Bank and currently at 6.75%.

This is because when a credit provider gives you credit, by way of say a credit card or a clothing store account, it does so after having assessed your ability and likelihood to repay the loan.

When credit providers determine how much interest to charge you, they start with the prime rate as their base.

 

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