Redeem its revolving credit

To change practices to a more responsible credit, reform of consumer credit provides for certain measures revolving credit, only expression now allowed to designate cash reserves or revolving credit, applicable from 1 May 2011. Now, institutions that deliver this type of credit will be required to close the accounts have been inactive after two years. If the purchase amount is greater than € 1 000, they will be obliged to offer an installment loan, which has a rate often more interesting. Similarly the term of repayment of the loan shall not exceed more than three years for amounts less than € 3 000. Finally, credit cards, issued by supermarkets or department stores, will offer the possibility of a cash payment and the appropriation will not be made without the express consent of the customer.

All these measures are consistent with the practice of credit more responsibly, both for lenders and for specific borrowers. It will probably be easier for households to manage their debt. But for those who have yet to bear the weight of too many revolving credit, the purchase of credit is perhaps an option to consider. In a process of consolidation of loans, the lender must offer the individual the purchase of its revolving credit: it is one of the obligations established by the Credit Reform. The restructuring of the total loans of the household will promote a new balanced budget, and with a lower interest rate and repayment period lengthened, the amount of monthly payments to pay will decrease. One way to find more flexibility in their personal finances.