The dollar to rand exchange rate has South Africans frantic, after the rand plummeted to a record low of R17.99 against the dollar on Monday, 11 January 2016.
While the exchange rate has since recovered to R16.56 to the dollar, showing the most improvement of all emerging currencies, it remains the worst performer of 2016.
With the exchange rate so weak, severe drought and rising food prices driving inflation, the South African Reserve Bank (Sarb) will soon be compelled to hike interest rates again, which is very bad news for indebted consumers.
South African households are already under arduous financial strain due to high levels of credit debt. On average, we spend more than 80% of our household income on repaying debts, such as credit cards, overdrafts, accounts etc.
According to the National Credit Regulator (NCR), 11 million of South Africa’s 23 million credit users have failed to make debt repayments.
Given the distressing nature of the poor exchange rate, why not turn to Quick Consolidation Loans to avoid becoming just another statistic. You can consolidate your debts into one Quick Consolidation Loan at a much lower interest rate. This will enable you to keep up with other price pressures brought about by the weakening dollar to rand exchange rate.
How Can Quick Consolidation Loans Help?
Quick Consolidation Loans offer you a rewarding repayment strategy that involves combining and covering all of your high-interest current debts. This way, you’ll be able to pay off all of your debts with one monthly instalment, at a much lower interest rate.
As follows, you can reduce your debt faster, while your debt repayments will be all the more manageable and affordable.
With Quick Consolidation Loans, you can scratch debt off the long list of financial worries to contend with in 2016, caused by the rock bottom dollar to rand exchange rate – which may be set to fall even further.