Bad news for millions of people who use credit cards; You must pay off your debts URGENTLY! Last 2 days

After this important decision, banks started updating credit card interest rates and loan interest rates. Here are warnings for those with credit card debt after the new interest rates are set:

Rate hike and its effects

The rise in political interest of the central bank had a major impact on the economic and financial world. The purpose of the interest rate increase is to control inflation and ensure economic stability. However, the fact is that this increase directly affects the financial life of citizens.

Credit card interest rates

According to the update, the credit card will have a maximum monthly contractual interest rate of 3.71 percent. This can increase the amount of interest that credit card users pay. In addition, credit card delinquency interest increased to 4.01 percent. This means that late payments will become more expensive.

Warnings and Expectations

After the increase in interest rates, banks started announcing the new interest rates by gradually sending messages to customers. Credit card users are particularly advised to make their payments regularly.

Future prospectuses

Economic experts say that this increase in interest rates can also be reflected in loan interest rates. We may enter a period where loans may be offered at higher interest rates. However, experts also say that this increase may be temporary and the interest rate cut may not happen until the end of 2024.

Entry into force of interest

It has been announced that the new interest rates will take effect from November 1. From this date, credit card users and those considering a loan should be aware of the new interest rates.

An important question is the impact of base rates on the economy and their impact on our financial life. It may be more important than ever to monitor interest rate changes and adjust our financial plans accordingly.

Inflation control

Raising the base interest rate is part of efforts to control inflation. High inflation reduces purchasing power and threatens economic stability. The central bank tries to curb inflation by raising interest rates.

Loan interest rates

Interest rates on loans are likely to increase as a result of the increase in interest rates. This could increase the cost of borrowing for consumers and businesses. This rise in loan interest rates may force consumers and businesses to reevaluate their financial decisions.

Savings and investments

A rise in interest rates can encourage savings. Higher interest rates can make savings accounts more attractive. However, this can also make investment more expensive, because when interest rates on loans rise, it can be more expensive for businesses to invest in new projects.

Exchange

An increase in interest rates can also affect a country’s exchange rates. High interest rates may make foreign investors more interested in assets in Turkey. This may contribute to the appreciation of the Turkish lira.

Economic growth

The impact of interest rate increases on economic growth is a complex issue. High interest rates can limit consumption and investment, which can slow economic growth. But at the same time, controlling inflation can promote economic stability.

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