{"id":201570,"date":"2023-07-06T20:37:14","date_gmt":"2023-07-06T18:37:14","guid":{"rendered":"https:\/\/atena.sk\/blog\/sharp-rise-in-eu-interest-rates-what-can-we-do-to-preserve-our-lifestyle\/"},"modified":"2023-07-25T09:42:29","modified_gmt":"2023-07-25T07:42:29","slug":"sharp-rise-in-eu-interest-rates-what-can-we-do-to-preserve-our-lifestyle","status":"publish","type":"post","link":"https:\/\/atena.sk\/blog\/en\/sharp-rise-in-eu-interest-rates-what-can-we-do-to-preserve-our-lifestyle\/","title":{"rendered":"Sharp rise in EU interest rates &#8211; what can we do to preserve our lifestyle?"},"content":{"rendered":"\n<p>Interest rates can significantly affect our lives. Recently, interest rates have increased in the European Union (EU), which has had a significant impact on people burdened with debt.<\/p>\n\n<p>As interest rates rise, indebted individuals face the challenge of increased debt servicing costs. However, a significant problem arises as wages and salaries are not growing at the same rate. This disparity means that the burden of debt becomes relatively heavier, reducing the purchasing power of the middle economic class. As more of their income is used to pay off debts, individuals have less money available for day-to-day expenses or savings. This leads to a lower standard of living.<\/p>\n\n<!--more-->\n\n<h2 class=\"wp-block-heading\">What is the immediate consequence of the increase in interest rates?<\/h2>\n\n<p>As interest rates rise, borrowers find it much harder to make monthly repayments, which can lead to defaults, late payments or defaults. This situation can have serious consequences, including a damaged credit score and accumulating penalties and fees. The downward spiral that emerges may ultimately result in a vicious circle of financial problems and limit the possibilities for economic mobility.<\/p>\n\n<h2 class=\"wp-block-heading\">Income inequality<\/h2>\n\n<p>Rising interest rates can deepen income inequality in society. People with higher incomes are better able to cope with the impact of increased debt servicing costs, while those with lower incomes face more significant challenges. This inequality contributes to widening wealth gaps and can lead to growing class differences. The middle class in particular often finds itself caught between rising interest rates and limited income growth, and faces the risk of falling into a lower socio-economic stratum.<\/p>\n\n<p>The combination of reduced purchasing power, financial hardship and income inequality can push a significant number of individuals closer to or below the poverty line. As more and more people struggle to make ends meet, the risk of poverty is becoming more common. Rising interest rates can also contribute to individuals and families falling into poverty. This situation can have far-reaching societal implications and place further strain on social support systems.<\/p>\n\n<h2 class=\"wp-block-heading\">How bad is the situation?<\/h2>\n\n<p>In the following charts we can see the interest rates set by the ECB<em>(European Central Bank<\/em>) over the last three years. A few percent may not seem so terrible. However, when you put everything into perspective, the changes are staggering.<\/p>\n\n<figure class=\"wp-block-table aligncenter is-style-regular\"><table><tbody><tr><td class=\"has-text-align-right\" data-align=\"right\">Landscape<\/td><td class=\"has-text-align-left\" data-align=\"left\">ECB interest rates from May 2020 to May 2023<\/td><td>Minimum rate<\/td><td>Maximum rate<\/td><\/tr><tr><td class=\"has-text-align-right\" data-align=\"right\"><img decoding=\"async\" width=\"2780\" height=\"1847\" class=\"lazyload wp-image-201045\" style=\"width: 100px\" src=\"https:\/\/atena.sk\/blog\/wp-content\/uploads\/2023\/07\/AdobeStock_68838309-1-scaled.jpeg\" data-orig-src=\"https:\/\/atena.sk\/blog\/wp-content\/uploads\/2023\/07\/AdobeStock_68838309-1-scaled.jpeg\" alt=\"SK FLAG\" srcset=\"data:image\/svg+xml,%3Csvg%20xmlns%3D%27http%3A%2F%2Fwww.w3.org%2F2000%2Fsvg%27%20width%3D%272780%27%20height%3D%271847%27%20viewBox%3D%270%200%202780%201847%27%3E%3Crect%20width%3D%272780%27%20height%3D%271847%27%20fill-opacity%3D%220%22%2F%3E%3C%2Fsvg%3E\" data-srcset=\"https:\/\/atena.sk\/blog\/wp-content\/uploads\/2023\/07\/AdobeStock_68838309-1-200x133.jpeg 200w, https:\/\/atena.sk\/blog\/wp-content\/uploads\/2023\/07\/AdobeStock_68838309-1-300x199.jpeg 300w, https:\/\/atena.sk\/blog\/wp-content\/uploads\/2023\/07\/AdobeStock_68838309-1-400x266.jpeg 400w, https:\/\/atena.sk\/blog\/wp-content\/uploads\/2023\/07\/AdobeStock_68838309-1-600x399.jpeg 600w, https:\/\/atena.sk\/blog\/wp-content\/uploads\/2023\/07\/AdobeStock_68838309-1-768x510.jpeg 768w, https:\/\/atena.sk\/blog\/wp-content\/uploads\/2023\/07\/AdobeStock_68838309-1-800x532.jpeg 800w, https:\/\/atena.sk\/blog\/wp-content\/uploads\/2023\/07\/AdobeStock_68838309-1-1024x680.jpeg 1024w, https:\/\/atena.sk\/blog\/wp-content\/uploads\/2023\/07\/AdobeStock_68838309-1-1200x797.jpeg 1200w, https:\/\/atena.sk\/blog\/wp-content\/uploads\/2023\/07\/AdobeStock_68838309-1-1536x1021.jpeg 1536w, https:\/\/atena.sk\/blog\/wp-content\/uploads\/2023\/07\/AdobeStock_68838309-1-scaled.jpeg 2780w\" data-sizes=\"auto\" data-orig-sizes=\"(max-width: 2780px) 100vw, 2780px\" \/><\/td><td class=\"has-text-align-left\" data-align=\"left\"><img decoding=\"async\" width=\"1177\" height=\"269\" class=\"lazyload wp-image-201214\" style=\"width: 500px\" src=\"https:\/\/atena.sk\/blog\/wp-content\/uploads\/2023\/07\/Slovakiainterest.png\" data-orig-src=\"https:\/\/atena.sk\/blog\/wp-content\/uploads\/2023\/07\/Slovakiainterest.png\" alt=\"SK Eyebrows\" srcset=\"data:image\/svg+xml,%3Csvg%20xmlns%3D%27http%3A%2F%2Fwww.w3.org%2F2000%2Fsvg%27%20width%3D%271177%27%20height%3D%27269%27%20viewBox%3D%270%200%201177%20269%27%3E%3Crect%20width%3D%271177%27%20height%3D%27269%27%20fill-opacity%3D%220%22%2F%3E%3C%2Fsvg%3E\" data-srcset=\"https:\/\/atena.sk\/blog\/wp-content\/uploads\/2023\/07\/Slovakiainterest-200x46.png 200w, https:\/\/atena.sk\/blog\/wp-content\/uploads\/2023\/07\/Slovakiainterest-300x69.png 300w, https:\/\/atena.sk\/blog\/wp-content\/uploads\/2023\/07\/Slovakiainterest-400x91.png 400w, https:\/\/atena.sk\/blog\/wp-content\/uploads\/2023\/07\/Slovakiainterest-600x137.png 600w, https:\/\/atena.sk\/blog\/wp-content\/uploads\/2023\/07\/Slovakiainterest-768x176.png 768w, https:\/\/atena.sk\/blog\/wp-content\/uploads\/2023\/07\/Slovakiainterest-800x183.png 800w, https:\/\/atena.sk\/blog\/wp-content\/uploads\/2023\/07\/Slovakiainterest-1024x234.png 1024w, https:\/\/atena.sk\/blog\/wp-content\/uploads\/2023\/07\/Slovakiainterest.png 1177w\" data-sizes=\"auto\" data-orig-sizes=\"(max-width: 1177px) 100vw, 1177px\" \/><\/td><td>-0,52%<\/td><td>3,66%<\/td><\/tr><tr><td class=\"has-text-align-right\" data-align=\"right\"><img decoding=\"async\" width=\"2780\" height=\"1853\" class=\"lazyload wp-image-201073\" style=\"width: 100px\" src=\"https:\/\/atena.sk\/blog\/wp-content\/uploads\/2023\/07\/AdobeStock_98718252-scaled.jpeg\" data-orig-src=\"https:\/\/atena.sk\/blog\/wp-content\/uploads\/2023\/07\/AdobeStock_98718252-scaled.jpeg\" alt=\"CZ FLAG\" srcset=\"data:image\/svg+xml,%3Csvg%20xmlns%3D%27http%3A%2F%2Fwww.w3.org%2F2000%2Fsvg%27%20width%3D%272780%27%20height%3D%271853%27%20viewBox%3D%270%200%202780%201853%27%3E%3Crect%20width%3D%272780%27%20height%3D%271853%27%20fill-opacity%3D%220%22%2F%3E%3C%2Fsvg%3E\" data-srcset=\"https:\/\/atena.sk\/blog\/wp-content\/uploads\/2023\/07\/AdobeStock_98718252-200x133.jpeg 200w, https:\/\/atena.sk\/blog\/wp-content\/uploads\/2023\/07\/AdobeStock_98718252-300x200.jpeg 300w, https:\/\/atena.sk\/blog\/wp-content\/uploads\/2023\/07\/AdobeStock_98718252-400x267.jpeg 400w, https:\/\/atena.sk\/blog\/wp-content\/uploads\/2023\/07\/AdobeStock_98718252-600x400.jpeg 600w, https:\/\/atena.sk\/blog\/wp-content\/uploads\/2023\/07\/AdobeStock_98718252-768x512.jpeg 768w, https:\/\/atena.sk\/blog\/wp-content\/uploads\/2023\/07\/AdobeStock_98718252-800x533.jpeg 800w, https:\/\/atena.sk\/blog\/wp-content\/uploads\/2023\/07\/AdobeStock_98718252-1024x683.jpeg 1024w, https:\/\/atena.sk\/blog\/wp-content\/uploads\/2023\/07\/AdobeStock_98718252-1200x800.jpeg 1200w, https:\/\/atena.sk\/blog\/wp-content\/uploads\/2023\/07\/AdobeStock_98718252-1536x1024.jpeg 1536w, https:\/\/atena.sk\/blog\/wp-content\/uploads\/2023\/07\/AdobeStock_98718252-scaled.jpeg 2780w\" data-sizes=\"auto\" data-orig-sizes=\"(max-width: 2780px) 100vw, 2780px\" \/><\/td><td class=\"has-text-align-left\" data-align=\"left\"><img decoding=\"async\" width=\"1160\" height=\"235\" class=\"lazyload wp-image-201298\" style=\"width: 500px\" src=\"https:\/\/atena.sk\/blog\/wp-content\/uploads\/2023\/07\/CZRATES.png\" data-orig-src=\"https:\/\/atena.sk\/blog\/wp-content\/uploads\/2023\/07\/CZRATES.png\" alt=\"CZrates\" srcset=\"data:image\/svg+xml,%3Csvg%20xmlns%3D%27http%3A%2F%2Fwww.w3.org%2F2000%2Fsvg%27%20width%3D%271160%27%20height%3D%27235%27%20viewBox%3D%270%200%201160%20235%27%3E%3Crect%20width%3D%271160%27%20height%3D%27235%27%20fill-opacity%3D%220%22%2F%3E%3C%2Fsvg%3E\" data-srcset=\"https:\/\/atena.sk\/blog\/wp-content\/uploads\/2023\/07\/CZRATES-200x41.png 200w, https:\/\/atena.sk\/blog\/wp-content\/uploads\/2023\/07\/CZRATES-300x61.png 300w, https:\/\/atena.sk\/blog\/wp-content\/uploads\/2023\/07\/CZRATES-400x81.png 400w, https:\/\/atena.sk\/blog\/wp-content\/uploads\/2023\/07\/CZRATES-600x122.png 600w, https:\/\/atena.sk\/blog\/wp-content\/uploads\/2023\/07\/CZRATES-768x156.png 768w, https:\/\/atena.sk\/blog\/wp-content\/uploads\/2023\/07\/CZRATES-800x162.png 800w, https:\/\/atena.sk\/blog\/wp-content\/uploads\/2023\/07\/CZRATES-1024x207.png 1024w, https:\/\/atena.sk\/blog\/wp-content\/uploads\/2023\/07\/CZRATES.png 1160w\" data-sizes=\"auto\" data-orig-sizes=\"(max-width: 1160px) 100vw, 1160px\" \/><\/td><td>0,86%<\/td><td>5,11%<\/td><\/tr><tr><td class=\"has-text-align-right\" data-align=\"right\"><img decoding=\"async\" width=\"2780\" height=\"1668\" class=\"lazyload wp-image-201101\" style=\"width: 100px\" src=\"https:\/\/atena.sk\/blog\/wp-content\/uploads\/2023\/07\/AdobeStock_140332858-scaled.jpeg\" data-orig-src=\"https:\/\/atena.sk\/blog\/wp-content\/uploads\/2023\/07\/AdobeStock_140332858-scaled.jpeg\" alt=\"HU FLAG\" srcset=\"data:image\/svg+xml,%3Csvg%20xmlns%3D%27http%3A%2F%2Fwww.w3.org%2F2000%2Fsvg%27%20width%3D%272780%27%20height%3D%271668%27%20viewBox%3D%270%200%202780%201668%27%3E%3Crect%20width%3D%272780%27%20height%3D%271668%27%20fill-opacity%3D%220%22%2F%3E%3C%2Fsvg%3E\" data-srcset=\"https:\/\/atena.sk\/blog\/wp-content\/uploads\/2023\/07\/AdobeStock_140332858-200x120.jpeg 200w, https:\/\/atena.sk\/blog\/wp-content\/uploads\/2023\/07\/AdobeStock_140332858-300x180.jpeg 300w, https:\/\/atena.sk\/blog\/wp-content\/uploads\/2023\/07\/AdobeStock_140332858-400x240.jpeg 400w, https:\/\/atena.sk\/blog\/wp-content\/uploads\/2023\/07\/AdobeStock_140332858-600x360.jpeg 600w, https:\/\/atena.sk\/blog\/wp-content\/uploads\/2023\/07\/AdobeStock_140332858-768x461.jpeg 768w, https:\/\/atena.sk\/blog\/wp-content\/uploads\/2023\/07\/AdobeStock_140332858-800x480.jpeg 800w, https:\/\/atena.sk\/blog\/wp-content\/uploads\/2023\/07\/AdobeStock_140332858-1024x615.jpeg 1024w, https:\/\/atena.sk\/blog\/wp-content\/uploads\/2023\/07\/AdobeStock_140332858-1200x720.jpeg 1200w, https:\/\/atena.sk\/blog\/wp-content\/uploads\/2023\/07\/AdobeStock_140332858-1536x922.jpeg 1536w, https:\/\/atena.sk\/blog\/wp-content\/uploads\/2023\/07\/AdobeStock_140332858-scaled.jpeg 2780w\" data-sizes=\"auto\" data-orig-sizes=\"(max-width: 2780px) 100vw, 2780px\" \/><\/td><td class=\"has-text-align-left\" data-align=\"left\"><img decoding=\"async\" width=\"1163\" height=\"254\" class=\"lazyload wp-image-201270\" style=\"width: 500px\" src=\"https:\/\/atena.sk\/blog\/wp-content\/uploads\/2023\/07\/HUrates-1.png\" data-orig-src=\"https:\/\/atena.sk\/blog\/wp-content\/uploads\/2023\/07\/HUrates-1.png\" alt=\"HUrates\" srcset=\"data:image\/svg+xml,%3Csvg%20xmlns%3D%27http%3A%2F%2Fwww.w3.org%2F2000%2Fsvg%27%20width%3D%271163%27%20height%3D%27254%27%20viewBox%3D%270%200%201163%20254%27%3E%3Crect%20width%3D%271163%27%20height%3D%27254%27%20fill-opacity%3D%220%22%2F%3E%3C%2Fsvg%3E\" data-srcset=\"https:\/\/atena.sk\/blog\/wp-content\/uploads\/2023\/07\/HUrates-1-200x44.png 200w, https:\/\/atena.sk\/blog\/wp-content\/uploads\/2023\/07\/HUrates-1-300x66.png 300w, https:\/\/atena.sk\/blog\/wp-content\/uploads\/2023\/07\/HUrates-1-400x87.png 400w, https:\/\/atena.sk\/blog\/wp-content\/uploads\/2023\/07\/HUrates-1-600x131.png 600w, https:\/\/atena.sk\/blog\/wp-content\/uploads\/2023\/07\/HUrates-1-768x168.png 768w, https:\/\/atena.sk\/blog\/wp-content\/uploads\/2023\/07\/HUrates-1-800x175.png 800w, https:\/\/atena.sk\/blog\/wp-content\/uploads\/2023\/07\/HUrates-1-1024x224.png 1024w, https:\/\/atena.sk\/blog\/wp-content\/uploads\/2023\/07\/HUrates-1.png 1163w\" data-sizes=\"auto\" data-orig-sizes=\"(max-width: 1163px) 100vw, 1163px\" \/><\/td><td>1,99%<\/td><td>10,25%<\/td><\/tr><tr><td class=\"has-text-align-right\" data-align=\"right\"><img decoding=\"async\" width=\"2780\" height=\"1853\" class=\"lazyload wp-image-201130\" style=\"width: 100px\" src=\"https:\/\/atena.sk\/blog\/wp-content\/uploads\/2023\/07\/AdobeStock_97427755-scaled.jpeg\" data-orig-src=\"https:\/\/atena.sk\/blog\/wp-content\/uploads\/2023\/07\/AdobeStock_97427755-scaled.jpeg\" alt=\"RO FLAG\" srcset=\"data:image\/svg+xml,%3Csvg%20xmlns%3D%27http%3A%2F%2Fwww.w3.org%2F2000%2Fsvg%27%20width%3D%272780%27%20height%3D%271853%27%20viewBox%3D%270%200%202780%201853%27%3E%3Crect%20width%3D%272780%27%20height%3D%271853%27%20fill-opacity%3D%220%22%2F%3E%3C%2Fsvg%3E\" data-srcset=\"https:\/\/atena.sk\/blog\/wp-content\/uploads\/2023\/07\/AdobeStock_97427755-200x133.jpeg 200w, https:\/\/atena.sk\/blog\/wp-content\/uploads\/2023\/07\/AdobeStock_97427755-300x200.jpeg 300w, https:\/\/atena.sk\/blog\/wp-content\/uploads\/2023\/07\/AdobeStock_97427755-400x267.jpeg 400w, https:\/\/atena.sk\/blog\/wp-content\/uploads\/2023\/07\/AdobeStock_97427755-600x400.jpeg 600w, https:\/\/atena.sk\/blog\/wp-content\/uploads\/2023\/07\/AdobeStock_97427755-768x512.jpeg 768w, https:\/\/atena.sk\/blog\/wp-content\/uploads\/2023\/07\/AdobeStock_97427755-800x533.jpeg 800w, https:\/\/atena.sk\/blog\/wp-content\/uploads\/2023\/07\/AdobeStock_97427755-1024x683.jpeg 1024w, https:\/\/atena.sk\/blog\/wp-content\/uploads\/2023\/07\/AdobeStock_97427755-1200x800.jpeg 1200w, https:\/\/atena.sk\/blog\/wp-content\/uploads\/2023\/07\/AdobeStock_97427755-1536x1024.jpeg 1536w, https:\/\/atena.sk\/blog\/wp-content\/uploads\/2023\/07\/AdobeStock_97427755-scaled.jpeg 2780w\" data-sizes=\"auto\" data-orig-sizes=\"(max-width: 2780px) 100vw, 2780px\" \/><\/td><td class=\"has-text-align-left\" data-align=\"left\"><img decoding=\"async\" width=\"1158\" height=\"274\" class=\"lazyload wp-image-201326\" style=\"width: 500px\" src=\"https:\/\/atena.sk\/blog\/wp-content\/uploads\/2023\/07\/ROrates.png\" data-orig-src=\"https:\/\/atena.sk\/blog\/wp-content\/uploads\/2023\/07\/ROrates.png\" alt=\"ROrates\" srcset=\"data:image\/svg+xml,%3Csvg%20xmlns%3D%27http%3A%2F%2Fwww.w3.org%2F2000%2Fsvg%27%20width%3D%271158%27%20height%3D%27274%27%20viewBox%3D%270%200%201158%20274%27%3E%3Crect%20width%3D%271158%27%20height%3D%27274%27%20fill-opacity%3D%220%22%2F%3E%3C%2Fsvg%3E\" data-srcset=\"https:\/\/atena.sk\/blog\/wp-content\/uploads\/2023\/07\/ROrates-200x47.png 200w, https:\/\/atena.sk\/blog\/wp-content\/uploads\/2023\/07\/ROrates-300x71.png 300w, https:\/\/atena.sk\/blog\/wp-content\/uploads\/2023\/07\/ROrates-400x95.png 400w, https:\/\/atena.sk\/blog\/wp-content\/uploads\/2023\/07\/ROrates-600x142.png 600w, https:\/\/atena.sk\/blog\/wp-content\/uploads\/2023\/07\/ROrates-768x182.png 768w, https:\/\/atena.sk\/blog\/wp-content\/uploads\/2023\/07\/ROrates-800x189.png 800w, https:\/\/atena.sk\/blog\/wp-content\/uploads\/2023\/07\/ROrates-1024x242.png 1024w, https:\/\/atena.sk\/blog\/wp-content\/uploads\/2023\/07\/ROrates.png 1158w\" data-sizes=\"auto\" data-orig-sizes=\"(max-width: 1158px) 100vw, 1158px\" \/><\/td><td>2,65%<\/td><td>9,26%<\/td><\/tr><tr><td class=\"has-text-align-right\" data-align=\"right\"><img decoding=\"async\" width=\"2780\" height=\"1807\" class=\"lazyload wp-image-201158\" style=\"width: 100px\" src=\"https:\/\/atena.sk\/blog\/wp-content\/uploads\/2023\/07\/AdobeStock_104471752-scaled.jpeg\" data-orig-src=\"https:\/\/atena.sk\/blog\/wp-content\/uploads\/2023\/07\/AdobeStock_104471752-scaled.jpeg\" alt=\"BG FLAG\" srcset=\"data:image\/svg+xml,%3Csvg%20xmlns%3D%27http%3A%2F%2Fwww.w3.org%2F2000%2Fsvg%27%20width%3D%272780%27%20height%3D%271807%27%20viewBox%3D%270%200%202780%201807%27%3E%3Crect%20width%3D%272780%27%20height%3D%271807%27%20fill-opacity%3D%220%22%2F%3E%3C%2Fsvg%3E\" data-srcset=\"https:\/\/atena.sk\/blog\/wp-content\/uploads\/2023\/07\/AdobeStock_104471752-200x130.jpeg 200w, https:\/\/atena.sk\/blog\/wp-content\/uploads\/2023\/07\/AdobeStock_104471752-300x195.jpeg 300w, https:\/\/atena.sk\/blog\/wp-content\/uploads\/2023\/07\/AdobeStock_104471752-400x260.jpeg 400w, https:\/\/atena.sk\/blog\/wp-content\/uploads\/2023\/07\/AdobeStock_104471752-600x390.jpeg 600w, https:\/\/atena.sk\/blog\/wp-content\/uploads\/2023\/07\/AdobeStock_104471752-768x499.jpeg 768w, https:\/\/atena.sk\/blog\/wp-content\/uploads\/2023\/07\/AdobeStock_104471752-800x520.jpeg 800w, https:\/\/atena.sk\/blog\/wp-content\/uploads\/2023\/07\/AdobeStock_104471752-1024x665.jpeg 1024w, https:\/\/atena.sk\/blog\/wp-content\/uploads\/2023\/07\/AdobeStock_104471752-1200x780.jpeg 1200w, https:\/\/atena.sk\/blog\/wp-content\/uploads\/2023\/07\/AdobeStock_104471752-1536x998.jpeg 1536w, https:\/\/atena.sk\/blog\/wp-content\/uploads\/2023\/07\/AdobeStock_104471752-scaled.jpeg 2780w\" data-sizes=\"auto\" data-orig-sizes=\"(max-width: 2780px) 100vw, 2780px\" \/><\/td><td class=\"has-text-align-left\" data-align=\"left\"><img decoding=\"async\" width=\"1160\" height=\"242\" class=\"lazyload wp-image-201382\" style=\"width: 500px\" src=\"https:\/\/atena.sk\/blog\/wp-content\/uploads\/2023\/07\/BGrates-1.png\" data-orig-src=\"https:\/\/atena.sk\/blog\/wp-content\/uploads\/2023\/07\/BGrates-1.png\" alt=\"BGrates\" srcset=\"data:image\/svg+xml,%3Csvg%20xmlns%3D%27http%3A%2F%2Fwww.w3.org%2F2000%2Fsvg%27%20width%3D%271160%27%20height%3D%27242%27%20viewBox%3D%270%200%201160%20242%27%3E%3Crect%20width%3D%271160%27%20height%3D%27242%27%20fill-opacity%3D%220%22%2F%3E%3C%2Fsvg%3E\" data-srcset=\"https:\/\/atena.sk\/blog\/wp-content\/uploads\/2023\/07\/BGrates-1-200x42.png 200w, https:\/\/atena.sk\/blog\/wp-content\/uploads\/2023\/07\/BGrates-1-300x63.png 300w, https:\/\/atena.sk\/blog\/wp-content\/uploads\/2023\/07\/BGrates-1-400x83.png 400w, https:\/\/atena.sk\/blog\/wp-content\/uploads\/2023\/07\/BGrates-1-600x125.png 600w, https:\/\/atena.sk\/blog\/wp-content\/uploads\/2023\/07\/BGrates-1-768x160.png 768w, https:\/\/atena.sk\/blog\/wp-content\/uploads\/2023\/07\/BGrates-1-800x167.png 800w, https:\/\/atena.sk\/blog\/wp-content\/uploads\/2023\/07\/BGrates-1-1024x214.png 1024w, https:\/\/atena.sk\/blog\/wp-content\/uploads\/2023\/07\/BGrates-1.png 1160w\" data-sizes=\"auto\" data-orig-sizes=\"(max-width: 1160px) 100vw, 1160px\" \/><\/td><td>0,14%<\/td><td>4,21%<\/td><\/tr><tr><td class=\"has-text-align-right\" data-align=\"right\"><img decoding=\"async\" width=\"2780\" height=\"1668\" class=\"lazyload wp-image-201186\" style=\"width: 100px\" src=\"https:\/\/atena.sk\/blog\/wp-content\/uploads\/2023\/07\/AdobeStock_102352804-scaled.jpeg\" data-orig-src=\"https:\/\/atena.sk\/blog\/wp-content\/uploads\/2023\/07\/AdobeStock_102352804-scaled.jpeg\" alt=\"LT FLAG\" srcset=\"data:image\/svg+xml,%3Csvg%20xmlns%3D%27http%3A%2F%2Fwww.w3.org%2F2000%2Fsvg%27%20width%3D%272780%27%20height%3D%271668%27%20viewBox%3D%270%200%202780%201668%27%3E%3Crect%20width%3D%272780%27%20height%3D%271668%27%20fill-opacity%3D%220%22%2F%3E%3C%2Fsvg%3E\" data-srcset=\"https:\/\/atena.sk\/blog\/wp-content\/uploads\/2023\/07\/AdobeStock_102352804-200x120.jpeg 200w, https:\/\/atena.sk\/blog\/wp-content\/uploads\/2023\/07\/AdobeStock_102352804-300x180.jpeg 300w, https:\/\/atena.sk\/blog\/wp-content\/uploads\/2023\/07\/AdobeStock_102352804-400x240.jpeg 400w, https:\/\/atena.sk\/blog\/wp-content\/uploads\/2023\/07\/AdobeStock_102352804-600x360.jpeg 600w, https:\/\/atena.sk\/blog\/wp-content\/uploads\/2023\/07\/AdobeStock_102352804-768x461.jpeg 768w, https:\/\/atena.sk\/blog\/wp-content\/uploads\/2023\/07\/AdobeStock_102352804-800x480.jpeg 800w, https:\/\/atena.sk\/blog\/wp-content\/uploads\/2023\/07\/AdobeStock_102352804-1024x614.jpeg 1024w, https:\/\/atena.sk\/blog\/wp-content\/uploads\/2023\/07\/AdobeStock_102352804-1200x720.jpeg 1200w, https:\/\/atena.sk\/blog\/wp-content\/uploads\/2023\/07\/AdobeStock_102352804-1536x922.jpeg 1536w, https:\/\/atena.sk\/blog\/wp-content\/uploads\/2023\/07\/AdobeStock_102352804-scaled.jpeg 2780w\" data-sizes=\"auto\" data-orig-sizes=\"(max-width: 2780px) 100vw, 2780px\" \/><\/td><td class=\"has-text-align-left\" data-align=\"left\"><img decoding=\"async\" width=\"1167\" height=\"248\" class=\"lazyload wp-image-201467\" style=\"width: 500px\" src=\"https:\/\/atena.sk\/blog\/wp-content\/uploads\/2023\/07\/LTrates-1.png\" data-orig-src=\"https:\/\/atena.sk\/blog\/wp-content\/uploads\/2023\/07\/LTrates-1.png\" alt=\"LTrates\" srcset=\"data:image\/svg+xml,%3Csvg%20xmlns%3D%27http%3A%2F%2Fwww.w3.org%2F2000%2Fsvg%27%20width%3D%271167%27%20height%3D%27248%27%20viewBox%3D%270%200%201167%20248%27%3E%3Crect%20width%3D%271167%27%20height%3D%27248%27%20fill-opacity%3D%220%22%2F%3E%3C%2Fsvg%3E\" data-srcset=\"https:\/\/atena.sk\/blog\/wp-content\/uploads\/2023\/07\/LTrates-1-200x43.png 200w, https:\/\/atena.sk\/blog\/wp-content\/uploads\/2023\/07\/LTrates-1-300x64.png 300w, https:\/\/atena.sk\/blog\/wp-content\/uploads\/2023\/07\/LTrates-1-400x85.png 400w, https:\/\/atena.sk\/blog\/wp-content\/uploads\/2023\/07\/LTrates-1-600x128.png 600w, https:\/\/atena.sk\/blog\/wp-content\/uploads\/2023\/07\/LTrates-1-768x163.png 768w, https:\/\/atena.sk\/blog\/wp-content\/uploads\/2023\/07\/LTrates-1-800x170.png 800w, https:\/\/atena.sk\/blog\/wp-content\/uploads\/2023\/07\/LTrates-1-1024x218.png 1024w, https:\/\/atena.sk\/blog\/wp-content\/uploads\/2023\/07\/LTrates-1.png 1167w\" data-sizes=\"auto\" data-orig-sizes=\"(max-width: 1167px) 100vw, 1167px\" \/><\/td><td>0,16%<\/td><td>2,88%<\/td><\/tr><\/tbody><\/table><\/figure>\n\n<p>Take the Czech Republic, for example. About three years ago, the interest rate there was <strong>0.86%<\/strong>. If someone took out a mortgage for \u20ac100 000 for 30 years, their monthly repayment would be around <strong>\u20ac315<\/strong>. Since the minimum wage there is roughly EUR 678, almost any family with two people working could afford a mortgage. However, at the highest interest rate, the same mortgage would cost at least EUR <strong>543<\/strong>. That&#8217;s over <strong>70%<\/strong> &#8211; and that&#8217;s for the same amount of money borrowed! In Hungary, the situation is even much worse. If you borrowed the same amount there, your monthly repayment would be around <strong>\u20ac896<\/strong>.<\/p>\n\n<h2 class=\"wp-block-heading\">How can people address this problem?<\/h2>\n\n<p>If you are not a millionaire, \u20ac200 to \u20ac600 added to your expenses each month will certainly make a difference. Some people might not even be able to repay. How can we solve this?<\/p>\n\n<ol>\n<li><strong>Spend less<\/strong>: Take a close look at your budget and identify areas where you can reduce spending. By focusing on the basics, you can free up more funds to cover increased mortgage payments. Look for ways to save on media, food, entertainment and other non-essential items.<\/li>\n\n\n\n<li><strong>Reduce your outgoings<\/strong>: if the property you have bought is relatively large and in good condition, you can rent it out and at the same time rent a cheaper place to live. However, this only works if there is a significant difference between the rental costs of the two properties.<\/li>\n\n\n\n<li><strong>Look for financial assistance programmes<\/strong>: in the event of rapid price rises, there are sometimes government policies in place to help people who can no longer pay their debts. These programmes could provide temporary relief or help with mortgage repayments during a period of financial hardship.<\/li>\n<\/ol>\n\n<h2 class=\"wp-block-heading\">Is there a better way?<\/h2>\n\n<p>Even if your monthly expenses skyrocket, there is still a way to maintain your lifestyle. You just need to<strong> earn more<\/strong>. And since you can&#8217;t get a better education or much experience in a short time, the best way is to look for a job in a country where salaries are higher. On the other hand, it is easier said than done. Not everyone can just pack a suitcase, pay their way far away, pay their rent, and support themselves until they find a job and get paid.<\/p>\n\n<p>But even if you can&#8217;t afford all the things we mentioned, <a href=\"https:\/\/atena.org\">Atena <\/a>can help you! <strong>We&#8217;ll find you a job<\/strong>, <strong>pay your way<\/strong> up front, and choose a position<em> <\/em>with <strong>secure accommodation<\/strong>! <a href=\"https:\/\/atena.org\">Atena <\/a>will also help you with all the necessary paperwork and will be at your disposal at any time during your stay abroad. And the best part is that when you leave, you can rent out your property at home &#8211; someone else will pay your mortgage while you earn two to three times what you can earn at home.<\/p>\n\n<p><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Interest rates, like the prices of many other things, have risen. Your mortgage could be twice as expensive now. And while it sounds impossible, there is a way you can pay it off and still maintain your lifestyle.<\/p>\n","protected":false},"author":20,"featured_media":201511,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[56],"tags":[],"acf":{"facebookpost":"As a result of recent events, the prices of many things have risen sharply. Interest rates have also increased ????. In some countries, a mortgage that used to cost \u20ac400 a month now costs more than \u20ac900! How can you afford to repay anyway? Is there a way to maintain your lifestyle? Find out here. ","popis_socialneho_obrazku":"How to still be able to pay the mortgage?"},"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v22.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Sharp rise in EU interest rates - what can we do to preserve our lifestyle? - Atena blog<\/title>\n<meta name=\"description\" content=\"Interest rates across the EU are rising. 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