Rate hike will be tipping point for consumers - expert

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Cape Town – A debt expert warned consumers on Tuesday to prepare for the worst as the rand’s rapid decline against the dollar will result in an interest rate hike at the end of the month.

Most analysts agree that the SA Reserve Bank's monetary policy committee (MPC) will likely increase the interest rate by 50 basis points to 6.75% on January 28 to stem the downward spiral of the rand, which weakened by about 25% against the dollar in 2015.

READ: Rand's uncontrolled drop to cause further rate hikes - analysts

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