Personal Finance
Taking Personal Loans When Inflation Is High: Always a Bad Move?
By Planner Bee  •  July 20, 2022
If you haven’t already heard, inflation rates are skyrocketing all over the world. The Straits Times reported on June 16 that the United States Federal Reserve raised interest rates by “75 basis points” in response to the inflation surge caused by the war in Ukraine and global supply issues. This is the biggest hike since 1994, and has led to large increases in Singapore’s interest rates too. Spiking interest rates and surging inflation may sound bad for the economy, but in reality, it’s not always all doom and gloom. In fact, there can be benefits in taking up a personal loan at this time. What is inflation? According to Investopedia, inflation is a phenomenon where the value of money declines, especially when weighed against “an increase in the average price level of [goods and services] in an economy over some period of time”....
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By Planner Bee
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