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How to manage credit while interest rates are lower


How to manage credit while interest rates are lower
While lower interest rates offer short-term assistance by reducing loan repayments, cheaper credit can also be a risky temptation
28 April 2021 - 13:58
It’s not just the role of the bank to be responsible when it comes to loans or credit; consumers need to be more responsible borrowers too.
Image: 123RF/Mimagephotography
Lowered interest rates have helped many South Africans face the challenge of a loss of income while still needing to keep up their repayments on their home, vehicle and personal loans and other credit agreements. 
But while lower interest rates offer short-term assistance by reducing loan repayments, cheaper credit can also be a risky temptation. Buli Ndlovu, executive: retail and business banking marketing at Nedbank, says it’s important for consumers and financial institutions to be responsible in the way they use credit in the coming months and years. ....

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