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With interest rates on the rise, best to finance procedures sooner rather than later

If you are mulling an elective procedure that will require you to obtain financing, you would be wise to get to your specialist and get started. Interest rates continue to climb slowly but very surely.

Interest rates are determined by the Federal Reserve and the bond market’s reaction to it. As the economy has struggled to get back on track since the 2008 collapse, the Federal Reserve has kept interest rates low. However, the economy continues to chug along shaking off the government shutdown and slowly adding jobs.

This is typically a sign of good news but for the bond market it is a sign of possible inflation which causes interest rates to go up. You can look to the mortgage industry as a harbinger. Refinancings have plummeted as interest rates have slowly crept up. Bank of America recently eliminated 4,000 jobs in their mortgage department in response to this.

Financing for elective medical procedures can be difficult to obtain at times due to the lack of collateral. It is basically a signature loan and when interest rates get volatile, this can become an expensive proposition for consumers.

At Premier Medical Financing, we strongly suggest getting any procedure you have been considering done as quickly as possible. The risk is likely that waiting will cost you more in the future.

 

Premier Medical Financing is a lending resource for patients seeking elective medical procedures such as cosmetic and weight loss surgery, dental implants, and fertility financing. Follow us on Twitter @PremierMF or e-mail pmfllc@live.com.