Poll: How will you respond to higher interest rates on your loans? | Loop Jamaica

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2 hrs ago – Updated

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Five banks and a credit union have recently announced plans to raise interest rates for some customers repaying existing loans.

The banks have blamed the rate hike on measures taken by the Bank of Jamaica, which has been increasingly tightening its monetary policies to cool inflation.

Rising interest rates from the central bank or not, some consumers have expressed their disapproval of financial institutions readjusting their loan contracts to take a higher monthly deduction.

Others see the route financial institutions have taken as a last resort and take no issue with paying a little more on their loans.

Tell us in the poll, hw will you respond to higher interest rates on your loans?

Interest rate hike

I understand the move by the banks, they’ve been under pressure too

0% (0 votes)

I’m reconsidering taking out a loan, the rising costs are too much too bear

36% (4 votes)

I’m still trying to figure out how to fund all these increases on my current salary

36% (4 votes)

Hopefully I can clear the loan before the new rate kicks in

27% (3 votes)

Total votes: 11

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