How often do you examine all of the interest rates that you are paying and receiving? Then do you compare these to the inflation rate to determine where you are getting ahead or falling behind? The financially literate do this periodically so they can actively optimize their financial situation. This is both to take advantage of rates for your financial benefit and to avoid the rate pitfalls that would hurt your finances.
For example, the U.S. is one of many countries keeping interest rates extraordinarily low to try to spur economic growth. The British central bank just proudly announced that their low rates had saved 70 billion pounds for mortgage holders over the last 4 years. However, a savings group in Britain determined that these low rates have simultaneously cost British savers 100 billion pounds in lost interest income, plus an additional 120 billion in increased costs due to higher inflation. So for every pound they saved in mortgage costs, they lost 3 times that amount elsewhere!
If you do not actively manage your money for your financial benefit, you’ll likely be left similar to the average British citizen who is losing money on interest three times as fast as they are gaining. The average citizen of any country is unaware that they are figuratively held captive inside of a casino with horrible odds and where the government makes all the casino rules. You must find levers and opportunities to neutralize or tilt the odds in your favor.