How To Make Maximum Out Of Interest Rate Cuts?

By SiliconIndia   |   Thursday, November 27, 2014
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BANGALORE: While interest rate, growth rate and inflation are words creating headlines, it is important for you as a customer to know what is good for you. And, be prepared for a rate cut if any? The result of a rate cut will lift the sentiment and encourage more corporate and retail consumers to opt for loans.

In the middle of all this noise for a rate cut, curiosity among customers has risen to know what kind of impact it will have on their personal finances What should you as a customer do if you are a potential home loan or auto loan customer, or even a retail investor? As per financial planners, a cut in interest rate is likely to benefit both home loan borrowers as well as investors alike.

1. Try to deal with your high cost debt

If you get to know that interest rates are about to fall, the one thing you should keep in mind are your credit cards, which demand the highest rate of interest.

If an interest rate cut is announced by the central bank, the rate of interest on your credit card should come down automatically. If your credit card issuer is not willing to budge on rates or seems to be to taking longer to make a rate cut effective, you should begin to look for other credit cards that offer a cheaper rate of interest.

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