{"id":402,"date":"2017-04-04T12:49:03","date_gmt":"2017-04-04T12:49:03","guid":{"rendered":"https:\/\/www.indwe.co.za\/indwe-blog\/?p=402"},"modified":"2017-04-04T12:50:49","modified_gmt":"2017-04-04T12:50:49","slug":"junk-status-indwe-explains","status":"publish","type":"post","link":"https:\/\/www.indwe.co.za\/indwe-blog\/junk-status-indwe-explains\/","title":{"rendered":"Junk status \u2013 Indwe explains"},"content":{"rendered":"<p><strong>Gauteng, Johannesburg, 4 April 2017<\/strong> \u2013 It has happened. For months we, as a nation, have been struggling and fighting not to be downgraded to junk status, but on Monday, 3 April 2017, following the cabinet reshuffle, it was announced that South Africa\u2019s sovereign credit rating was cut. However, what does that mean?<!--more--><br \/>\n&nbsp;<br \/>\nAccording to Peter Olyott, Indwe Risk Services CEO, \u201c<em>in layman\u2019s terms, it means that South Africa is losing more money than what it\u2019s bringing in and that our credit rating is low. Hence, investors will look elsewhere as they won\u2019t be able to get a big enough return on their South African investments<\/em>.\u201d<br \/>\n&nbsp;<br \/>\nThis also means, Olyott continues, that certain investment companies will be barred from holding our debt, as the financial risk will be too high and it can lead to South Africa defaulting on debt.<br \/>\n&nbsp;<br \/>\n\u201c<em>Again, to put this simply, if you buy a couch on credit and you default on your payments because the interest on your loan is too high, you risk losing the couch.<\/em>\u201d<br \/>\n&nbsp;<br \/>\nRegarding our economy, because investors stop investing their money in the country, our asset prices will drop. Moreover, as the desire for our debt and JSE listed shares will weaken, the rand value will decrease, and inflation will rise. \u201c<em>Ultimately, the everyday South African citizen will have to face higher prices for goods and higher interest rates,<\/em>\u201d Olyott continues.<br \/>\n&nbsp;<br \/>\nPeople will face dire choices concerning their financial well-being and lifestyles. It is inevitable that certain cut within the household will have to be made, but it\u2019s of the utmost importance to reflect carefully on what you decide to cut.<br \/>\n&nbsp;<br \/>\n\u201c<em>Speak to your insurance advisor, before you cancel your insurance coverage. In the short-term, it might look like a suitable solution. However, if you consider the costs involved in a car accident (not only to your vehicle but also to the other vehicles involved), replacing goods stolen from your home and rebuilding damaged structures, insurance is an absolute necessity. Hence, in the long-term, insurance can keep you from tumbling deeper down the debt hole,<\/em>\u201d says Olyott.<br \/>\n&nbsp;<br \/>\nRand Merchant Bank conducted research that shows it takes about seven years to recover from a junk status downgrade. \u201c<em>It\u2019s important not to lose hope; review your budget, practise smarter spending, and wherever possible avoid increasing your debt,<\/em>\u201d Olyott concludes.<br \/>\n&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Gauteng, Johannesburg, 4 April 2017 \u2013 It has happened. For months we, as a nation, have been struggling and fighting not to be downgraded to junk status, but on Monday, 3 April 2017, following the cabinet reshuffle, it was announced that South Africa\u2019s sovereign credit rating was cut. However, what does that mean?<\/p>\n","protected":false},"author":1,"featured_media":403,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"inline_featured_image":false,"footnotes":""},"categories":[1],"tags":[],"class_list":["post-402","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v28.2 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Junk status \u2013 Indwe explains -<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.indwe.co.za\/indwe-blog\/junk-status-indwe-explains\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Junk status \u2013 Indwe explains -\" \/>\n<meta property=\"og:description\" content=\"Gauteng, Johannesburg, 4 April 2017 \u2013 It has happened. 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