Revolving cards or credits allow the user to defer payments for all their purchases.
The lender offers, without any control over whether or not the consumer will be able to return it, a monthly capital that the client returns through fixed installments, yes, with very high interests that sometimes reach close to 30% APR. The Superior Court of Justice itself has described this service as “usurious”, and despite all the controversy with them, they continue to exist.

In BEING a Consumer We have spoken with some affected people and with Patricia Suárez, president of ASUFIN, who has explained to us how to get out of this spiral of debt: by complaining.


The voices of those affected

“Since 2011 I have been carrying this burden, I currently owe 12,000 euros. "I don't even know how to get out," lamented one of those affected, and stated that she fell into this trap because "they took advantage of her ignorance in banking matters."

Users accept this service without really knowing the interest it entails: “They give you a monthly fee, but you you are not aware of the interests What are they charging you?

Another affected person told us: “I asked for my card to be canceled, that's when I found out that I owed 6,000 euros.”

Lack of transparency

Thousands of users have taken their case to court and there are already rulings favorable to those affected. Many due to the lack of transparency on the part of the lender when promoting the service. “This was not like that, They had not informed me of anything. It is an illegible pamphlet that no one reads.”

 “The day before the trial they told me that they would forgive my debt”One of the affected people who has managed to get rid of this loan told us in SER Consumidor. But there are consumers who continue to struggle to get out of this spiral. “Every day the debt gets bigger. I have had to take medication to be able to sleep. "It's a waste of life."

 How to exit revolving credits?

The president of ASUFIN, Patricia Suárez, analyzed in SER Consumidor the abusive policy by which this type of banking products are governed. “They are cards that offer you all the facilities anywhere. There are two problems: the high interest, and that, when you set the installment, everything you don't pay each month goes into your debt and is recapitalized."

 “People found it easy to use their cards because they were not aware that they were failing to pay, and that was going to be very expensive for them”, he explained.

Given the lack of measures by the Bank of Spain, Patricia Suárez stated that “at ASUFIN we have been denouncing this situation for some time. These cards will continue to exist, what we ask is that it be better explained.”

Although there are government policies in place to improve the situation of consumers, they are still not enough. “We now have a proposal to modify the law but it is insufficient. On the one hand, the solvency review is improved, that is, before granting credit, it will be studied whether the consumer will really be able to return the money. But, despite this evaluation of solvency, the free agreement between the parties can result in an entity being able to lend money to an insolvent person without any consequences for the entity,” denounced the president of ASUFIN.

“We ask for documentary transparency. At no time is the client told that by setting a fixed fee you are not paying your debt and that it can be multiplied,” he explained.

Sentences won

Patricia Suárez encouraged listeners to report this situation. “Those who complain are winning the sentences. People have to cheer up. You can beat a financial institution. If you complain, they will probably have to give you money back because you have paid too much,” he concluded.

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