REVOLVING CARDS: abusive interest rates

12 Jun, 2020

The Supreme Court has ruled that revolving cards impose such a high interest rate that they can be called abusive.

The bank can be obliged to return you a high amount, not only for all the abusive interests paid already, but also for the rest of the abusively imposed concepts, such as insurance, commissions for debtor positions, etc..

This type of credit card is very commercialized and you might have one. How can you know if any of your credit cards is revolving?

You might have noticed already that something is seriously wrong. Despite paying a fixed fee every month, you do not see your debt decrease. You may even have missed a payment for a long time and have not been required to pay yet. 

However, if you are in any of the following situations, you may have a revolving card:

  • Your bank called you and offered you a finance without a prior request from your side.
  • You bought some furniture or an appliance with instalment payments through the seller’s finance company and you cannot finish paying it.
  • You pay a fixed fee every month and cannot get the debt reduced.
  • You have contracted a card offered to you in a department store, on the street or at a service station.

If recognise one of these situations, then you may have hired a revolving card without knowing it.

It is time to check if any of your credit cards is a revolving card.

At Lajares Law Offices we are happy to answer your questions. Because we law you.

 

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