The Organization of Consumers and Users (OCU) urges the Government to limit by law the interest rates that can be applied to credits or financing provided to consumers, as indicated this Friday in a statement.
OCU criticizes that, despite the fact that the Supreme Court considered that the interest is usurious if the difference between the average market rate and the contract rate exceeds six percentage points (approximately 27% for of revolving cards, at the moment), This can easily continue. find microcredits with interest rates above 3,000%.
For this reason, the Organization demands that the Government establish a maximum interest rate by law, without waiting for the transfer of the new Directive 2023/2225, which requires the introduction of measures to effectively prevent fraud abuse and guarantee that the debtor rates cannot be imposed on consumers. ., equivalent annual fees or excessively high total cost of credit. “France, Italy and Portugal, among other European countries, have been regulated by law for years the maximum limit of interest rates available to consumers,” says the OCU.
Meanwhile, the organization shows that there are cards with no interest if the amount is less than 1,000 euros and will be returned within a few months. It also encourages you to check out some loans with low APRs offered by some banks online. “Another lesser-known alternative is to request an advance from the company due to the work done in the current month, with a proportional part of the additional salary. This is a worker’s right without interest being paid,” recalled the OCU.
And there is always the option of asking for a loan from a family member or friend, agreeing to some kind of interest or simply no interest. It must be written and signed, because it is necessary to submit the Property Transfer Tax declaration later, even if you do not have to pay anything because you are exempt. In addition, some stores offer interesting financial conditions for the purchase of their products, although this is not always the case.