Revolving credit card
Usury: Inherited a debt of 10,000 euros with Wizink and the bank ends up having to pay back 18,000 euros
FACUA Madrid wins a final court ruling for a revolving credit card issued in 2001 at 24.6% APR rate, more than three times the average interest rate applied that year on personal loans.
FACUA.org
Madrid-03/02/2021
Wizink has had to pay a FACUA Madrid affiliate the 18,000 euros paid by his deceased father for the usurious interest it charged him on a revolving credit card. Initially, it was the bank that demanded that he assume more than 10,000 euros of the debt that his father had incurred, but after taking the case into the hands of the association, he has won a ruling in his favour from the 19th Court of First Instance of Madrid.
With revolving credit cards, a certain credit limit is available, which is usually repaid in instalments through a fixed monthly payment. The debt derived from the credit is renewed monthly if the cardholder makes purchases or withdraws cash. After the death of his father, Adrián Merino Asensio inherited in February 2012 a
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