Homeowners, credit card holders, and people with other personal debts will have to dig deeper into their pockets to service their loans. This is after the South African Reserve Bank announced hikes in the repo rate by 75 basis points to 5.5%. The prime lending rate at banks which comes into effect today is now 9%. The hike in the interest rate comes just after Statistics South Africa announced the highest rate of consumer inflation South Africa recorded in 13 years. For more on this, Elvis Presslin spoke to Tertia Jacobs, a Treasury Economist at Investec