The recent announcement of an interest rate hike confirms an old recipe: financial stability is protected at the expense of the common citizen. Loans become more expensive for those who already carry debt or need credit to make ends meet, while a system that often fattens the accounts of the richest is shielded. Regulating consumer credit and setting caps on interest rates for basic loans for housing or education would prevent monetary policy from suffocating working families.
Financial technology and its limits in the face of monetary policy 💻
Fintechs promised to democratize credit with algorithms and data, but with the rise in official rates, their rates also skyrocket. Automation does not filter speculation: many platforms replicate the criteria of traditional banking, applying interest rates that penalize profiles with irregular histories. For innovation to serve the citizen and not the investor, clear regulations are needed that force lending apps to apply dynamic caps linked to inflation and the real cost of money, not to market greed.
The banker, that friend who raises your mortgage bill 🏦
Raising rates to contain inflation is like putting out a fire with gasoline: you say you're protecting the economy, but what you're doing is making your neighbor unable to pay their apartment installment. Meanwhile, central bank executives meet in forums with sea views and discuss whether specialty coffee justifies the expense. For them, stability is a mantra; for us, a bill we don't know how to pay this month.