This sticks where it hurts, the bank still trying to live off from more. Debts keep getting higher and man's got to keep it to the minimal.

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Dang, .5%, that is quite the jump.  A lot of people might not think it is, but when you are talking about interest rates it is pretty huge.  I don't think I have ever taken out a loan that has an adjustable rate.  I don't know if I would.  I am glad that you were able to get it sorted out and if rates keep going up you are locked in at the lower rate.

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👍💪🇦🇷

> Of course ideally, the goal is to have zero loans, but that just isn't possible at this time, 

It is everyone dreams to be to financial free but having problems solved at times with loans can be helpful but choked up to pay back.

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Loans are not your friend.   Here in the good old USA we are seeing rates climb.   I am grateful I do not have a loan.   It is smart to get out of debt, even if it means subtracting from your retirement.   Thanks for sharing. 

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I don't know how does it work over there, but here in Brazil we can (or could) take loans with a locked interest rate, those who did are protected from interest spikes, but those who did not indeed will suffer even more.

Not that it makes a huge difference anyways, our banks practice abusive interest rates, literally illegal interest rates. Although the federal interest rate is almost 13% a years (the highest in the world, even adjusted for inflation) a bank with a cheap interest rate will charge 5x that, over 50% a year interest rate a year, some banks go north of 100% a year but those risk facing lawsuits, although because of the culture even though 50% a year is considered abusive (thus not legal) because every bank does that no one faces consequences.

The people always lose one way of the other. The capitalist system is designed to transfer money and produce from the poor to the rich.

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Low interest is fine so long as you have the income to pay off the loan and I think that a similar situation is playing out in a ton of different countries. So in the end, the market is cooling off and the rates are changing.

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Grateful for that good information.

Nice post 

Nice that you locked in that rate. I wonder how the housing market is going to react to this. Here interest rates have shot up from 1% to 3% without any central bank raises!! So it's going to get interesting for sure.

A cool cover story image. 👍

In the anglosphere they allow you to make ad hoc capital repayments, on top of your monthly payment. This has the effect of reducing the capital outstanding much quicker. And because interest is only charged on capital outstanding, you end up paying less interest too.

If I were you I'd check with your lender to see if you can make ad hoc capital repayments, and if they allow it, funnel some of your crypto profits into reducing your loan.

Interesting. Here in South Africa, the reserve bank rate is 4.75%, that is before the banks add their portion!!

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Similarly, we locked in our electricity price for 60 months. It would cost us less on a variable rate. However, prices can spike during peak demand. I unknowingly renewed right before fuel prices started climbing. The contract rate is a bit higher now. Like you, I expect that we will see an overall increase in the cost of goods and services. It doesn't make sense to have variable rates because it is unlikely our salaries will keep up. 

I have also read the raising interest rates in Australia. Conversely, they are trying to reduce interest rates in my country, which has caused hyperinflation for about six months.

I think that the raised interest rates would not affect those who already have a loan if it had not variable rate. They generally prefer fixed rate loan here, and it is profitable in case of a hyperinflation.