Loan Interest Rates To Rise In 2018

Well, it looks like the Bank of England are seriously hinting that loan interest rates to rise in 2018.

Rates have been very low since the credit crunch and property crash in 2008, so it is no real surprise that they were going to start to rise anytime soon.

Why Are Interest Rates Rising?

The Bank of England have outlined a number of things that they are watching closely and depending on how these develop, will determine their strategy.

Prices have been rising faster than wages have been for much of the last year. However, they reckon that wage deals will be much better for employees this year and might even exceed inflation.

The Bank seems to think inflation has peaked at 3.1% last November and should actually now start falling again.

loan interest rates to rise in 2018 mark carney bank of england governer

Loan Interest Rates To Rise In 2018

Also, the unemployment level is very low with a lot of people now in jobs. If employers find it difficult to get workers due to a supply issue, then they will have to pay more in wages.

Of course Brexit is still causing a lot of uncertainty and possibly no one knows exactly what the final outcome will be.

A Good Time To Borrow

With rates still low now, then it would be a good time to take out a new loan agreement, that is if you need to borrow for a purchase.

Be sure to take out a fixed rate loan if you are shopping around for new finance.

Go to our Personal Loans page if you wish to get a quotation for a new loan. A number of Lenders will be contacted and your online loan results will show you the best rate possible for your individual circumstances.

All personal loan Lenders on this website are approved and registered, which should give you confidence to apply here today.

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