This Wednesday, January 3rd, Brazilian citizens received the news that the interest on their credit card cannot exceed twice the amount of the debt. But do you know why this measure was imposed?
Many Brazilians were suffering from abusive interest rates when delaying an invoice due to force majeure or even when paying an active invoice in installments, which was taking on a huge proportion and inconveniencing many users.
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Why was this measure adopted?
Brazilian owners of certain credit cards have noticed absurd interest charges when delaying or paying in installments, or even when applying for loans. The values exceeded twice the original value, and this alerted inspection bodies and raised doubts: are these charges correct?
Many people ended up paying their bills in installments or even taking out these loans for reasons of force majeure, but suffering from the payment afterwards, which ended up being double or triple the original contracted amount. I understand why these measures were adopted.
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1. Ease of payment for users
Interest rates became rotating in order to make payment easier for users, in extreme cases. Many people have some difficulty paying their credit cards, but this will no longer be a problem. Interest rates will be lower and there is already the possibility of a minimum payment, but now without abuse of interest charges.
2. Avoid abuse by financial institutions
Many users claim to be paying abusive interest to financial institutions, which alerted supervisory bodies that this is an illegal practice. The granting and payment of credit must be fair for both parties, and this will ensure that users pay the fair value for the limits used.
3. Facilitate access to credit
Preventing abusive interest rates allows users to have greater financial control, allowing them to increase their purchasing power and consequently consume more. Financial education is rare in Brazil, and many people only manage to organize themselves financially in practice, after many mistakes and successes.
4. Prevent the customer from being harmed
Financial institutions that provided credit with some ease end up weighing down when it comes to charging interest to many users. Setting a limit on interest prevents users who benefit from credit from ending up being harmed by institutions that take advantage of their customers in an illicit way.
Pay attention to your finances!
If you notice that your financial institution is charging interest in excess of what is allowed, do not hesitate and contact the bodies responsible for consumer rights. The purpose of this order is to allow balance and financial gain both for institutions that provide credit and for customers who need recurring credit.
Check your invoices, loans and other financial products and make sure everything is within the law. The change was demanded by several sectors within the trade, card machine producers and other owners of large and small businesses, who wish to increase their purchasing power, resulting in more sales.
Common questions:
Revolving interest on credit cards are financial charges charged when the cardholder does not pay the full amount of the bill by the due date. The unpaid balance is carried forward to the next month, subject to interest that is applied to the remaining balance.
Revolving interest rates on credit cards are generally very high, often exceeding 300% per year in Brazil. These fees may vary depending on the financial institution and the card's contractual conditions.
To avoid paying revolving interest, it is essential to pay the full amount of your credit card bill by the due date. If it is not possible to pay the invoice in full, it is recommended to pay as much as possible to reduce the outstanding balance and interest applied.
Failure to pay your credit card's revolving interest can result in a rapid accumulation of debt due to high interest rates. This can lead to financial difficulties, credit restrictions, inclusion of your name in credit protection bodies and a negative impact on your credit score.
Yes, there are alternatives to avoid revolving interest, such as seeking a personal loan with lower interest rates to pay off your credit card balance, or even looking for installment options offered by the card issuer itself, which often have interest rates. lower interest rates than rotating interest rates. Another option is to make an effort to pay the bill in full each month to avoid these additional charges.
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