Your credit card may be charging excessive interest rates and you may not even know it. Many people don't realize they can review these charges, but we're here to help you calculate the actual interest on your bill.
For many people, credit cards are a problem, for others they are the solution, and for those who are suffering from abusive interest rates, it can really be a big problem, but after all, how can I get rid of abusive interest rates?
That's the specific topic we want to discuss today. We've compiled the most reliable information about abusive credit card interest rates and the legal means you can take to avoid these corrupt companies.
First, we want to ask: what is abusive interest?
Abusive interest rates are the amounts charged by banks or financial institutions, considered above the average currently practiced in the market.
These charges are growing at an unpayable rate, putting the consumer at a disadvantage in the consumption relationship.
In addition to undue interest charges, we can analyze and combat fees embedded in contracts, known as “tied sales.”
Abusive contracts and tied sales are practices considered COMPLETELY illegal by the Consumer Protection Code – CDC.
Card interest - final information
Finally, we conclude by saying that another, more radical way, recommended in cases where the consumer is losing control, is to request the cancellation of the card, even if there are debts, since the consumer is not obliged to be tied to a contract that is only harming him.
Therefore, the customer can file a so-called contract revision action, because, in many Brazilian states, there are judges who understand that the interest charged in these contracts is abusive, since charging monthly capitalized interest is illegal.
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