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Asking for a lower interest rate on a credit card or loan may have a temporary, minor impact on your credit score. However, if your credit history and creditworthiness have improved, the creditor may grant your request and lower your interest rate, which could ultimately have a positive effect on your credit score. It’s important to check your credit score before asking for a lower interest rate to have an idea of where you stand.
The effects of interest rates are often not directly felt but play out over a long time as valuations of real-estate and other assets adjust.
At Horizon65, we created a mobile app that enabled you to check the effect of high interest rates on your savings and to simulate potential investments that can defend against it.