Spain's banks are on edge for an upcoming Supreme Court ruling that will de...
MADRID - Spain’s banks are on edge for an upcoming Supreme Court ruling that will decide at what point the interest charged on credit card borrowing is so high it could be classed as “usury”.
But high rates on increasingly popular cards, which allow periodic payments and automatically renew credit lines, have sparked a wave of lawsuits from debt-laden borrowers. WiZink, which is facing 2,500 lawsuits over credit cards, declined to comment on the case. It is one of many banks offering cards with interest rates that can top 25%.
The woman’s lawyer, Celestino Garcia Carreno, said they will be arguing credit cards should not be given special status compared to other types of consumer loans, which tend to come with rates of around 7%.Spanish pensioner Jose Luis Vaquero is one of thousands who will be watching the ruling closely. Six years ago, he signed up for a revolving credit card at an airport in the Canary Islands that came with a rate of around 27%.
“They kept pestering me and were calling me four or five times a day, so in the end I was forced to sell a property I had in Marbella for 180,000 euros in February of 2019.”
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