Madeirans feeling the pinch

Mortgage increases imminent

Madeirans feeling the pinch headline in JM

The cover of today’s JM reports on the difficulties that Madeirans are beginning to feel because of the imminent increase in instalments to the bank due to mortgage loans taken out.

The newspaper did the math and concluded that taking as an example a credit of €150,000 with Euribor for six months, the difference between what a Madeiran family paid in January and what it pays in September is already over €150 per month. The bill will get worse if the consumer had opted for a 12-month rate. In this case, they will pay another €200 each month.

The newspaper notes that despite this picture, which becomes even more pessimistic if you add into the mix the current inflation figures, the increase in benefits has not yet generated more requests for help in the consumer protection service. In fact, in the first eight months of the year, demand for this service from Madeiran families decreased compared to the same period in 2021.

Legal regime for walking routes

The photo that appears on the front page of the newspaper is the beginning of the new legislative session in the regional parliament.

The Legislative Assembly of Madeira is back this Wednesday with the discussion of the legal regime for walking routes. There are two opposing proposals: the PSD wants to share competencies with the Chambers; the PS wants to strengthen the powers of the Government.

COVID-19 in Madeira: updates can be found in an earlier post

All the incidental news from Madeira – up to 60 reports per day – is being continually picked up automatically, translated, and instantly posted on our sister website, no matter how trivial

3 thoughts on “Madeirans feeling the pinch”

  1. Sheer Capitalist profiteering…Here in The UK the Socialist Labour Party (Liebour) offer no alternative & are just as bad as the Conservatives..(Clownservatives), The Rich get richer & the Workers pay the taxes…from minimum wages set by the Government…

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