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Loans with very little credit


Loans with very little loan

A lot of attention with the reunification of debts in a single loan because controls are lacking and in the long run it is more expensive. The CPI is updated perhaps to reduce our differential with Europe. Créditos con muy poco crédito Protest of those affected by the Philatelic Forum and Afinsa scam. (Archive). If you are paying a mortgage and one or several loans, you may have thought about the possibility of reunifying those debts in a single loan with a single monthly payment that can be, according to the advertising of some financial intermediaries specialized in this type of operations, half of the total amount you pay now. Music sounds good, but the fine print is the problem.

Less quota, more years

The sector of the reunification of debts is under suspicion before the indiscriminate proliferation of companies -although it is unknown how many there are, it is estimated that there are a hundred brands that operate in some 8,000 offices- that escape the controls that exist for the rest of the sector financial. They have warned the Ombudsman, the Ministry of Economy, the Bank of Spain, the mortgage employers and consumer organizations. These loan managers, intermediaries (brokers) between financial institutions and customers burdened by the accumulation of loans, have multiplied in the heat of excessive family debt (which is in 110% of disposable income), aggravated by the increase in interest rates (the Euribor has already exceeded the 4% barrier and does not stop rising). In addition, 57% of families have problems to reach the end of the month and 41% pull the loan card to get it, making Spain a paradise for this type of company. Especially, if we add the lack of prior controls by the Administration, despite the fact that they act as a bank or a savings bank.

The only way out for clients who consider themselves aggrieved is to complain to the Consumer authorities if they are deceived or impose abusive clauses on them. If we remember that this was the seed of the evil that generated the Afinsa and Philatelic Forum scam, we can not say that we have grounds to be calm. By the way, that the Ombudsman threw yesterday the ears to the Government on this issue, because it considers that the “inactivity” of the public powers in their work of control over “a problem I knew” increased the negative effects of the performance irregular of those companies. And, in addition, it believes that the lack of specific legal regulation – as it happens in the case of loan managers – allowed them to act outside the control of the financial authorities.

The regulation of this activity has become so necessary in view of the magnitude of the debts they handle that the first steps have already been taken to establish regulations. The economic tranquility of a good number of families and small businesses that are now in your hands will depend on it. The first consequence, according to the sector’s own sources, may be the disappearance of more than half of these companies specialized in the reunification of loans.

What we need to know while this rule comes to protect us is that putting all our loans in one can increase the debt by 30% because if we manage to pay less each month, it is at the cost of extending the deadlines and paying more time. Also, do not forget that the commission charged by the intermediary (around 7%), we must add the cost of cancellations of the loans we had and taxes. Experts recommend that we try to negotiate with our own bank more bearable conditions to escape the end-of-the-month burdens.

The consumer price index (CPI) will now include cosmetic surgery, dietetic products, baby food, homeopathy and physiotherapist. These are activities that weigh more and more on the spending of Spanish families and that the index that measures the evolution of inflation in our country did not collect until now. The National Institute of Statistics (INE), which prepares the CPI monthly collecting more than 200,000 prices, has decided to exclude other goods and services that have been outdated over time, such as fabric for clothing, fabric for upholstery or repair service of some appliances. In principle, all very logical and very normal if it were not because you suspect that you do not take a step of this caliber without measuring the consequences for something as sensitive as the level of inflation in the country, on which depend, for example, wages or the pensions of millions of people. And put to think bad, it is expected that if this decision is made, it is because we know that the result will be better than we currently have: Spain is one of the countries with the highest prices in Europe, a burden for the competitiveness of companies and a serious threat to family savings.

Perhaps for this reason, another of the reforms introduced in this operation of aesthetic surgery to the IPC is the inclusion of 36 new municipalities, of which 31 have less than 50,000 inhabitants. Thus, to bounce soon, and perhaps sinning of lack of statistical rigor, it is to be supposed that in general the prices in these “small” municipalities will tend to be lower than in medium-sized cities or large capitals. With these operations, we may be able to cut our eternal inflation differential with the European average in one step without having to introduce the improvements that our economy has been demanding for years to combat it. That is to say, we will be more beautiful in the photo, but our ills due to the lack of liberalization of some sectors and services will remain the same if we do not attack them by the roots.