This Thursday it was announced that the Bank of Mexico reached a rise in the reference rate, the second in a row of 75 points, with which it reached its maximum level in history with 8.5 percent. This as a measure to contain inflationalthough some credits will become more expensive, so you should be careful when making expenses.
However, since Banxico adopted the interest rate as an operational objective in 2008, it remained a record of 8.25 percent, which had been achieved that year and later in December 2018.
Banxico raised the reference rate
The Bank of Mexico (Banxico) reported that the governing board decided to raise the reference rate by 75 basis points, as expected by the consensus of analysts and the market.
With this, it goes from 7.75% to 8.50%, the highest level for 14 years, following the same step taken by the United States Federal Reserve, which in its most recent monetary policy meeting in July it applied the same dose to face high inflation.
Last June 23 was the first time in 2022 that the collegiate body of the central bank unanimously decided to increase by 75 basis points the target for the overnight Interbank Interest Rate at a level of 7.75 percent.
New credits will feel the impact more
In turn, what are credit cards, new loans and financing to companies are the ones that will suffer this increase in the interest rate, so you must be very careful and review the terms and conditions of use, more than anything if the credit you have is at a fixed or variable rate, since if the latter is your case, it is more likely that interest will increase when paying.
“The interest rate is the price of money, what is going to happen is that many companies are going to see how credit becomes more expensive. Many families, if at this time they use their credit card, consumer credit in general, will take time to increase, about two months, but this phenomenon that we have seen throughout the year will continue to occur where money it is more expensive”, explained the financial analyst and former president of the Condusef, Mario Di Costanzo.
The fixed rate ones are saved
In this sense, if a fixed-rate loan was already contracted, such is the case of the automobile, housing, or payroll, these loans will not have no effect from the increase in the Bank of Mexico rate.
“If it is a fixed-rate loan, you are practically in a good situation, the amount of interest that you pay for this debt or loan is not going to change, but if you have a credit card, it is important that you begin to take responsible measures, it is In other words, its correct use, paying more than the minimum and making purchases for months without interest or only buying what you need”, explained the Beamonte Investments specialist, Luis Felipe Treviño.
With the rise in the interest rate there will be a higher payment for the use of credit, users who have credit cards should be more careful, so that in this way It can be avoided that a low amount of debt can grow and be a serious problem when paying it.
Once you know this, you should take into account how the card will be used, if you have the ability to pay and, preferably, pay the total debt at the end of the month, in order to avoid interest charges.
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