Citizens to avoid credit

2017-12-06 06:00

Analysts and experts have urged citizens to live within their means and to avoid new credit, as it might come with higher interest rates.

Consumers are urged to guard their expenditure following the decisions by rating agencies Moody’s Investor Service and Standard & Poor’s. They lowered South Africa’s long term foreign and local currency debt ratings by one notch each to “BB” and “BB+”.

The credit rating agency changed the outlook to stable from negative, citing that the stable outlook reflects their view that “South Africa’s credit metrics will remain broadly unchanged next year” and “political distraction could abate following the party congress of the ANC in December, helping the government to focus on designing and implementing measures to improve economic growth and stabilise public finances”. –


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