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Credit card interest rates averaged over 60% a year, according to Banking, Insurance and AFP Directorate (SBS).
With only 10 banks offering credit cards, the effective annual rate (TEA) reaches 56.31%. But adding to the average for cards offered by 2 financial institutions and 1 rural savings and loan bank, we already have a weighted rate of more than 60%.
“In this context, the correct use of the credit card becomes more relevant and should only be used in accordance with the modality credit direct payment or full payment (everything consumed is paid every month), since in this case the interest rate is 0% and only the assistance insurance will be paid,” explained Jorge Carrillo Acosta, professor and finance expert at Pacífico Business School.
The specialist clarifies that, on the contrary, the use of the card in installments or in a renewable way should be avoided, since the financial costs are very high.
“If necessary, it would be more convenient to request loan employees,” Carrillo warns.
But what is the reason for such a high rate? Carrillo pointed out that this is in line with the increase in interest rates for all types of financing in the financial system due to higher risk this is perceived by the situation and the increase in base interest rates carried out by the BCR.
Recall that the base interest rate of the Central Bank is now 6.5%, while in mid-2021 it was 0.25%. This increase comes in the midst of strong inflation that has affected Peruvian families since last year.
Mortgage rates are rising
But cards are not the only financial products that are showing strong growth in their value. interest ratesthere is also evidence of an increase in the cost of financing mortgage loans.
SBS data shows mortgage interest rates rose to 9%, the highest level in six years, not seen since July 2016.
Speed Growth mortgage loans This is quite a lot, because just a year ago, in mid-2021, the bank rate was 5.8% – the lowest level on record.
The new rate would mean that the cost of mortgages has risen by 55% over the past twelve months.
Source: RPP
I am Dylan Hudson, a dedicated and experienced journalist in the news industry. I have been working for Buna Times, as an author since 2018. My expertise lies in covering sports sections of the website and providing readers with reliable information on current sporting events.