The Financial Superintendence recalled that for the purposes of the usury regulation, anyone who receives or collects, directly or indirectly, in exchange for
loan of money or for the sale of goods or services in installments, profit or
advantage that exceeds half of the Current Bank Interest that for the periods
corresponding fees are being charged by the banks.
In April, for the modality of consumer and ordinary credit, it stands at 47.09% annual effective, result that represents an increase of 83 basic points (0.83%) with respect to the previous period.
Read: Usury rate in April rises to 47.09% annual effective
Many debtors wonder why if the banks lowered the interest rates of a large part of the credit cards, this situation was not reflected in the Current Bank Interest and therefore the usury of April, that presented a new increase.
The reason is that this decrease is very recent, since March 15, and for this reason it was not reflected in the Superfinanciera’s calculation, since this is always done taking into account the entire month.
Read: Why it is not a good time to get into debt
However, quite possibly for the May certification, said decrease in interest is reflected.
Likewise, it must be remembered that consumer credit includes not only credit cards, but those that allow the acquisition of goods or services, such as travel, household appliances.
