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Are you a saver?
Congratulations! The fact that the reference rate has remained at 7.5% is good for you, as it will possibly be directly reflected in your investments and savings in a positive way. “Savers will get more interest on the money they deposit in their bank,” said Ricardo Gómez Dena, senior advisor at Más Fondos. “It is likely that they will notice the rate hike less because it does not impact them as much as those who have a credit, but the benefit will be seen in the interest they receive,” added the expert. If you invested your money in short-term instruments linked to the reference rate, you will enjoy higher yields.
Do you have a loan?
Worrying news. Many loans are granted at a variable interest rate, that is, the interest rate you pay changes over time, so it can increase or decrease depending on the economy’s performance. So if you recently made a purchase with your credit card and your rate is variable you will end up paying even more interest on your purchase. “Payroll loans with banks, credit cards, departmental and credits obtained through pawnshops is where Mexicans will begin to see difficulties in covering their debts,” commented
Money becomes more expensive, so it will be increasingly difficult to pay off the debt if interest rates are constantly rising and you have to pay more for the product,” Tenorio adds.
Thinking of applying for a loan?
Maybe you were thinking of acquiring a car through a loan or applying for a home loan, but after learning that Banxico raised the rate, now you should think about it more carefully. Sonia Sánchez-Escuer, a specialist in personal finance, recommended that in addition to taking into account Banxico’s decision, you should also evaluate your personal situation. That is, if you are financially stable, have a job that allows you to pay your expenses, or if your family can cover a debt such as buying a car or house on credit. “It is important to be aware of our financial reality. Know how much we earn and know what we can afford. If we initially see credit as a tool to acquire something because we don’t have the cash to buy it, we are off to a bad start,” said the specialist. Sánchez-Escuer recommends that if a loan is taken out, it should always be at a fixed rate, so as to be aware of the interest that will be paid for a product or service. And you, how will the rate increase affect you?