The European Central Bank just raised interest rates to 0%. Even that was too much to handle for Carla Brilhante.
Ms. Brilhante has a mortgage on her one-bedroom apartment in Lisbon that is tied to an interest rate standard. For several years, that benchmark is negative, as the ECB reduces borrowing costs to boost economic growth. But now, as the central bank reverses course to combat soaring inflation, rates are rising rapidly, leaving Ms Brilhante with monthly payments for her home in the Portuguese capital.
