Many debtors suffered a profound increase in their installments in 2022. As reported by La Nación, only the basic rate, which is used as a reference for credits, more than doubled. It started the year at 2,90% and reached 6,32% in December.
However, experts predict that 2023 will bring lower economic growth, but more stable rates and falling inflation. This benefits those who already have loans in financial institutions such as banks and cooperatives because their installments will not fluctuate as much. And it is also good news for those who are thinking of applying for a loan.
Furthermore, according to the Costa Rica university, the dollar will also have more stability next year. Even, in general, "one can infer a picture that will be more positive than negative for the Costa Rican population."
Why are low inflation and stable interest rates important?
Low inflation promotes the efficient use of productive resources, reducing market uncertainty and encouraging investment. That is, people feel confident to sell, buy and invest.
In addition, low inflation allows for less inequality, avoiding arbitrary redistributions of wealth. When there is a lot of inflation, prices and expenses go up, but salaries are maintained so that people have less every day. Salaried people, pensioners and entrepreneurs begin to "see it ugly", while the richest increase their wealth more and more every day because they have many and diverse sources of income.
The stability of interest rates; an incentive to the local economy
For their part, stable interest rates help more people to access credit with good conditions and facilitate compliance with the financial planning that people did when they thought of applying for a personal or business loan.
Remember that interest rates are an amount of money that generally represents a percentage of the credit or loan. For example, 3, 5 or 7%.
This money must be paid by the debtor in the form of monthly installments for the use of the money during the entire established term.
If interest rates are unstable or begin to rise, this will affect people's liquidity and could negatively impact businesses or companies, even causing them to go bankrupt.
If you are considering applying for a credit with competitive interest rates, few requirements, agile procedures and long deadlines, contact us immediately and we will advise you.