EXPLAINER: Interest rates are on the up. What should you do?

Interest rates are getting higher and, if you have a mortgage or a car to pay off, you’re likely feeling the pinch. 

Last week, the South African Reserve Bank hiked the repo rate, which affects the cost of borrowing, by another aggressive 75 basis points. The increase lifted the prime lending rate to 9.75%. This means that a R1-million bond repayment will now cost about R485 more per month.