Newfoundland Credit Union Pauses Interest Rates Hikes Until 2023

Newfoundland Credit Union provides financial help for customers with interest rate pause for the holidays.

8 Dec. 2022, George Town, Canada – Newfoundland Credit Union today announced that it is pausing interest rate increases on variable rate loans until 2023 to alleviate financial strain for customers around the holiday season.

The announcement comes as a proactive move ahead of the anticipated interest rate increases by the US Federal Reserve Bank that will likely take place in the coming days.

“We want our customers to enjoy a break this holiday given the compounding effect that inflation and rising interest rates have on gift giving associated with the season,” said Ben Freeman, Newfoundland Credit Union CEO. “We are not passing the increased costs on to customers during this time as we want to help keep holiday cheer for customers and our community, while minimising the impact of unexpected expenditures.”

Newfoundland Credit Union will resume the normal course of business in early January in accordance with US Federal Reserve Bank. For further information regarding rates and payment terms, customers can call Newfoundland Credit Union.