By Newsbreak Producer Tashlan Naidoo - Millions of consumers are being pushed closer to the brink of financial distress, with rising living costs and higher interest rates squeezing already-stretched household budgets. This is according to the National Debt Counsellors following the Reserve Bank's decision to hike interest rates by 25 basis points, taking the prime lending rate to 10-point-75 percent, with a warning of possible second-round effects of inflation. For households already struggling to balance their budgets, the increase means more expensive credit-card debt, home loans and vehicle finance. Director of the National Debt Counsellors, Rene Moonsamy says the financial strain is spreading, with more consumers, including those with regular incomes and a history of meeting their commitments, now seeking help to manage their debt... 

<p>By Newsbreak Producer Tashlan Naidoo - Millions of consumers are being pushed closer to the brink of financial distress, with rising living costs and higher interest rates squeezing already-stretched household budgets. This is according to the National Debt Counsellors following the Reserve Bank's decision to hike interest rates by 25 basis points, taking the prime lending rate to 10-point-75 percent, with a warning of possible second-round effects of inflation. For households already struggling to balance their budgets, the increase means more expensive credit-card debt, home loans and vehicle finance. Director of the National Debt Counsellors, Rene Moonsamy says the financial strain is spreading, with more consumers, including those with regular incomes and a history of meeting their commitments, now seeking help to manage their debt...&nbsp;</p>

Award-winning Current Affairs programme and News talk show. Brought to you by SABC News.

<p>Award-winning Current Affairs programme and News talk show. Brought to you by SABC News.</p>