The TS considers usury revolving card contracts with disproportionate interests


Madrid

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The magistrates of the Civil Chamber of the Supreme Court consider that revolving card contracts that apply interest rates above the normal price of money and manifestly disproportionate are usury and must be annulled, Europa Press reported in legal sources.

The High Court thus feels jurisprudence when pronouncing on a sentence referring to a card marketed by WiZink Bank with an initial APR of 26.82% and that arrives from the Provincial Court of Santander, judicial body that partly considered an appeal filed by the entity against a judgment of the Court of First Instance that declared the nullity of the contract between the parties due to the existence of a usurious remuneration interest.

Article 1 of the Usury Law, which dates back to 1908, determines as null any loan contract, extendable to a loan, in which interest is stipulated significantly higher than the normal amount of money and disproportionate, there being reasons to estimate that it has been accepted by the borrower because of a distressing situation, of his inexperience or of the limited of his mental faculties.

The revolving cards are credit cards in which there is a certain credit limit that can be returned in installments, through periodic installments, but its peculiarity is that the debt derived from the credit is renewed monthly.

The interests so high that finally they have to pay have caused a succession of lawsuits in the courts. Therefore, with today's ruling, the Supreme Court marks the future of future sentences for this product.

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