Date of submission
There is an increase in the interest rate charged for new automobile compared to previous months as well as used cars. Most recent statistics shows that 60-month new car loan is being charged at 4.26% which is an increase from 4.17%.on the other side; there has been a slight decrease in the interest rate of credit cards from 16.31% to 16.28%. However, the average interest rate for personal loans has reduced significantly from 4.82% to 4.75%.
Fluctuations in the economic status of the country have led to significant changes in the cost of consumer credit provided by commercial banks. Consumer credit indicates the potential future spending levels and shows the extent to which benchmark interest rates have manifested. Over the past three years, there has been a significant increase in the cost of credit card charged by consumers owing to the harsh economic conditions.