Installment loans will probably soon become significantly more expensive in Germany. According to “Bild”, this is the result of a survey by the comparison portal Smava. The reasons given are the war in Ukraine, high inflation and a generally rising interest rate level.

A total of 26 banks, including Deutsche Bank, DKB, Postbank and Commerzbank, were surveyed. Around 62 percent of them expect interest rates on installment loans to rise. Almost eight percent are even assuming a strong increase. Just about a quarter expect interest rates to remain the same. The first adjustments should follow in the coming weeks.

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However, according to Alexander Artopé, the managing director of Smava, it is to be expected that the banks will react very differently to the current situation. “If interest rates rise, it is very likely that the already large interest rate differentials between banks will also widen.”

In addition, the cost of loans for real estate financing will probably also increase. It is assumed that the increased level of interest rates will last at least until the end of the war and the associated sanctions.

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Negative interest on the checking or money market account gnaws at the savings. ING Germany is now introducing a trend reversal for its customers. It is expected that the ECB will also adjust its interest rate policy. Many other banks want to follow.

An Easter trip is currently causing a stir around Christine Lambrecht. The Minister of Defense flew to Sylt with her son Alexander – in a government helicopter. A media report now reveals new details about the case.

The original of this article “Banks are preparing interest rate increases for installment loans” comes from chip.de.

https://www.focus.de/finanzen/banken/banken-wollen-preise-anziehen-ratenkredite-werden-wohl-bald-deutlich-teurer_id_97582789.html

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