War and inflation: Interest rates for installment loans are rising – According to a survey by the comparison portal Smava, many banks are planning to raise interest rates for consumer loans significantly. According to a corresponding report in “Bild”, this would be due to the Ukraine war, high inflation and the generally rising interest rate level.
A total of 26 banks were surveyed, such as Deutsche Bank, Postbank and Commerzbank.
62 percent expect an increase in interest rates charged on installment loans. Eight percent even announced a strong increase. Only a quarter expect interest rates to remain the same. It is said that the first new regulations are to be implemented in the course of the coming week.
Alexander Artopé, Managing Director of Smava, predicts that different financial institutions will handle the current situation very differently:
“If interest rates rise, it is very likely that the already large interest rate differentials between banks will also widen.”
It can also be assumed that the costs for loans for real estate financing will also jump upwards. Experts assume that the situation will only ease again at the end of the war and the associated sanctions.
Sources: focus.de, bild.de