{"id":1735,"date":"2020-06-04T08:43:18","date_gmt":"2020-06-04T07:43:18","guid":{"rendered":"https:\/\/www.domia.global\/revolving-cards-abusive-interest-is-over\/"},"modified":"2020-08-21T10:18:46","modified_gmt":"2020-08-21T09:18:46","slug":"revolving-cards-abusive-interest-is-over","status":"publish","type":"post","link":"http:\/\/domia.global\/en\/revolving-cards-abusive-interest-is-over\/","title":{"rendered":"Revolving Cards: Abusive interest is over"},"content":{"rendered":"\t\t
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Revolving Cards: Abusive interest is over<\/h1>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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The abusive interest of revolving loans<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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The state of alarm resulting from the pandemic caused by Covid-19 has made the Supreme Court Judgment of March 4, 2020, which recognizes the abuse of interest on revolving loans, go completely unnoticed.<\/p>\n

These types of \u201crevolving\u201d loans (which usually come from the contracting of cards with the same name) are a product that financial institutions offer to customers and which have the particularity that the holder can split or defer the credit<\/strong>that has been used.<\/p>\n

In fact, this deferral of payment becomes a trap that, through abusive interest, leaves the debtor in a situation of permanent indebtedness.<\/p><\/p>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t

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Why are they abusive credits?<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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The circumstances in which this type of credit is signed must be borne in mind, as stated in the sentence<\/strong>: firstly, the public to which they are intended, which are usually private individuals who, for various reasons, do not have access to other less onerous types of credit.<\/p>\n

Secondly, the very peculiarities of credit: the monetary limit that the client can have is constantly<\/strong> being regularized and this means that the interest and commissions that are generated are capitalized again to generate a new interest.<\/p>\n

Finally, it should be borne in mind that the amounts of the installments are not usually very high, compared to the outstanding debt, but they extend a lot over time<\/strong> and this generates new interest until it enters a spiral of non-return.<\/p>\n

The Judgment refers to the concept of “normal interest on money” as a scale for determining whether this interest charged on this type of credit is abusive. In addition, it also says that setting an interest rate well above normal cannot be justified<\/strong>in any way with regard to the high default rate that generates this type of credit.<\/p>\n

The ruling argues that in no case the irresponsible granting of consumer loans with much higher interest rates than normal, has as a direct consequence, the over-indebtedness of consumers and, therefore, this unethical attitude of creditors in no case can have the protection of the legal system.<\/p>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t

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The abusive interest of revolving loans The state of alarm resulting from the pandemic caused by Covid-19 has made the Supreme Court Judgment of March<\/p>\n","protected":false},"author":1,"featured_media":1766,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"elementor_header_footer","format":"standard","meta":{"footnotes":""},"categories":[48,51],"tags":[],"class_list":["post-1735","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-domia-global-news","category-legal-services"],"yoast_head":"\nRevolving Cards: Enough Abusive Interest | Domia Global<\/title>\n<meta name=\"description\" content=\"Do you know what revolving cards are? 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