What does it mean that Banxico’s interest rate rises?

What does it mean that Banxico’s interest rate rises?

Do you plan to apply for a loan?

Perhaps you were thinking of buying a car through a loan or applying for your home loan, but after knowing that Banxico raised the rate, now you have to think about it more carefully.

Sonia Sánchez-Escuer, a specialist in personal finance, recommended that in addition to taking Banxico’s decision into account, the personal situation should also be evaluated.

That is, if you are financially stable, you have a job that allows you to cover your expenses, or as a family you can cover a debt such as buying a car or house on credit.

“It is important to be aware of our financial reality. Knowing how much we earn and knowing what is enough for us. If we initially see credit as a tool to acquire something because we don’t have the cash to buy it, we’re off to a bad start,” said the specialist.

Sánchez-Escuer recommends that if a loan is processed, it should always be at a fixed rate, in order to be aware of the interest that will be paid for a product or service.

And you, how will the rate increase affect you?