Borrowing money, costs money! But fortunately less and less.
A lot has happened in recent weeks. Mortgage interest is on the rise. Not surprising, of course, with the current uncertainty. This makes borrowing money a bit more expensive. Logical to assume that the interest for the personal loans will then also rise further. Fortunately, nothing could be further from the truth. The interest for the personal loan has recently fallen. How this is possible? We are happy to explain that to you.
Lower interest rate for consumer credit
Mortgage interest at some mortgage lenders has increased by as much as 0.75% in the past month. A sharp increase, but this can be explained by the special times in which we live. Strangely enough, we have not seen any increases in consumer credit. Interest has even fallen slightly. Customers with credit above $ 50,000.00 can now borrow cheaper than a month ago. The interest has been reduced from 3.6% to 3.8%, a slight decrease.
Interest rate forecast for consumer credit
Of course no one can see into the future. Especially in these uncertain times it is difficult to predict what the interest will do. We can indicate for you what our expectations are. We have based this on various sources. In general, the idea is that there is a possibility that interest rates will increase slightly on mortgages in the coming months. However, this remains very limited as the economy is likely to continue to weaken. A higher interest rate can then be the death blow for companies in a weaker position. This is one of the reasons why interest rates for consumer credit are also expected to remain low. A lower interest rate ensures that people spend more and that helps the economy move forward. This is something that really needs to be done in the coming months to get the economy back on its feet.