Now is not the time to go into debt, experts say in light of high interest rates

Now is not the time to go into debt, experts say in light of high interest rates

If you’re considering going into debt, you should know that for experts, this is the “riskiest time” to do so. This is because interest rates are at their highest level in the millennium.

For February, financial sector rates are shooting to historic maximums as usury rates will reach 45.27%, while current bank rates for the same month will be 30.18%.

An example of the increase is that in February 2022 the usury rate was 27.45% and the current bank interest rate was 18.30%.

Universidad del Rosario professor Alejandro Useche said the high uncertainty that exists in the country’s economic scenario means that people or companies taking out loans could face a drop in income and possibly default.




Source: El heraldo

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