European Central Bank may raise interest rates: what does that mean for our wallets?

Because an interest rate hike was already written in the stars, to lend a lot more expensive now than a few months ago. Anyone who has taken out a loan for a house or a car in recent weeks will certainly have noticed that. Companies will also have to pay more to invest.

Ultimately, the savings accounts follow. They have yielded nothing in recent years. On the contrary: because inflation is so high, if you leave it in a savings account, you will lose money for a long time. If the ECB gets inflation under control again, saving could become interesting again.

And that is precisely the purpose of this interest rate hike: to encourage people to save more, spend less and thus cool the economy. And so after 11 years there will be a (cautious) end to the free money policy.

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