SA households buckle under interest rate pain, but banks continue to gain. Can it last?

In 2022, many consumers around the world were stretched to the max.

Runaway food and fuel prices along with rocketing interest rates – as central banks tried to curtail inflation – hit households hard.

In South Africa, the prime interest rate was hiked from 7.00% in November 2021 to 10.75% - increasing the monthly repayment on a new R2 million home loan by almost R5 000 in this time.