How every year, the month of September predicts great complications for people, with homes that begin to familiarize themselves more with the expression “not reach the end of the month.” But, this 2022 inflation seems to overflow with interest in credits and loans that cannot be classified more than abusive, and the Euribor reaching record figures, the future is quite uncertain.
How is the increase in interest rates?
At the moment, it is not yet clear how the rise in the interest rates that the European Central Bank (ECB) will announce this month, although it is expected that, as happened in July, there will be a gradual increase in bank loans that hinders its acquisition for people. This with the aim of dealing with the probable slowdown in demand and loss of profitability.
Experts declare that the rise in interest rates can be placed by up to 1.25%, which would be added to the increase of 50 basic points that occurred in July for the first time in 11 years. Without a doubt, this is something that harms, above all, people interested in finance a project or were covering a loan they had previously requested.
As perceived in the last economic newsletter of the Bank of Spain, people have trouble accessing their credit with ease since the war began in Ukraine. This without mentioning that consumer credit has almost doubled since the summer of 2020 following the pandemic. All this, today has made citizens indebtedness 30% higher than 5 years ago.
How to deal with the increase in interest rates?
With the overshadowed economy and the increasingly difficult credits to access for an average person, households have been influenced to access other types of financing and alternatives that help solve their economy, and although it is a good idea, it is necessary to be careful with the environment used. Among the best options we can mention:
Income statement
One of the first recommended options is to submit a income statement. Thus, you can see if the user has the right to make the hacienda return something of the missed IRPF, something that occurs with 7 out of 10 tax declarators and increase confidence with the Treasury to speed up the returns.
Bank
If you have problems paying debts, then you can talk to the financial entity to which you are associated to make a postponement, or see what possibilities are to request a personal loan without early cancellation commissions, which would help you recover part of the spent income.
Payroll advance
All workers have the right to ask their company with an advance of their salary before the common payment date once they have worked all the month that corresponds to their salary. So, getting a payroll advance is one of the best ways to cope with this new increase.
Go to relatives
One of the last options that a person can resort is to a family loan, and although it is a good idea, it is important to write a private contract where the conditions agreed by both parties are detailed to avoid some type of problem with the requested credit.