Ever wondered what the term personal inflation rate means? Ever wondered what you're personal pleasure rate is or how the banks you in the marketplace? Well I have.
Your personal inflation rate (also known as PIR) is a measurement by which the lenders and the banks at estimate your risk potential. Of course, if you have a very low personal inflation rate the banks will look upon favorably. In contrast, if you have a high personal inflation rate they are going to be a little but nervous about letting you money. And these days you don't want lenders to be any more nervous then they already are.
If you are young and you have small children you will have a very high personal inflation rate. This hardly seems fair but it is a reality that young families will be spending a lot more money coming in the future. You just cannot get around the extra costs of more mouths to feed, more clothing to buy, and more fun to create. Banks usually look upon young families as having a very high PIR, and getting a personal loan can possibly be a challenge.
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