POSTS TAGGED : interest rates

How Small Business Owners Can Plan for Rising Interest Rates in 2023

As the owner of a small business, it is a good idea to keep up with news about interest rates — even when the news is not great. While the rise in interest rates is designed to help curb inflation, it can also mean that taking out a loan can cost more, which in turn may negatively impact your small business.

Rising interest rates

To help plan for a successful 2023, despite the rise in interest rates, consider the following suggestions:

Assess Your Loans

If you are currently paying off a balance on a business credit card, the amount you are paying for interest will probably increase.…

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How to Avoid Paying High Interest on Personal Loans

Interest rates on personal loans vary depending on the lender, the amount of the loan, and the borrower’s credit history. Generally, personal loans have higher interest rates than other types of loans, such as auto loans or home equity loans. Before you do anything, make sure to compare personal loan rates so you get the best deal.

Taking personal loans

The average interest rate on a personal loan is about 10%, but rates can range from around 6% to 36%. Borrowers with good credit can usually qualify for personal loans with lower interest rates. Those with bad credit may have to pay higher rates, sometimes as high as 30% or more.…

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