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Thursday, March 25, 2010

Rate Cut

The Repo Rate has been cut by half a base point dropping to 6.5%.

Reserve Bank Governor Gill Marcus surprised many with an announcement of a 0.5% rate cut this week.

While the economy is slowly recovering a recent spike in retrenchments does not bode well for future growth. The rate cut may provide further impetus toward recovery.

Consumers can only be pleased at this recent development that may produce some welcome relief in regard to their debt repayments. The rate cut may result in a difference of up to 1.1% on the rate charged to them by credit providers.

While the minimum required repayment amounts may have changed, for many the wisest course of action could to be to try maintain their present repayment amounts (or even increase them) in an effort to try repay their debt faster over time.

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