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Five banks and a credit union have recently announced plans to raise interest rates for some customers repaying existing loans.
The banks have blamed the rate hike on measures taken by the Bank of Jamaica, which has been increasing tightening its monetary policies to cool inflation.
Rising interest rates from the central bank or not, some consumers have expressed their disapproval of financial institutions readjusting their loan contracts to take a higher monthly deduction.
Others see the route financial institutions have taken as a last resort and take no issue with paying a little more on their loans.
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