Archive for the ‘Credit’ Category
The financial crisis at this particular the most vulnerable communities is economic hardship the family and with almost insurmountable obstacles in getting loans from banks. Facing financial difficulties of poor families and prevent them from falling into the clutches of an opportunist predators is a primary goal.
Credit union is an instrument of community development and public defense, which aims to promote savings, the creation of public funds to obtain low-interest loans to its members and financial advice to them.
Credit union is an instrument to meet the credit needs of families and communities, which by the bankruptcy, which usually do not have access to bank credit. It provides an opportunity to get out of trouble once in a while and prevent the most simple to the hands of loan sharks lenders, who prey on desperate situation and they sink into a vicious cycle (of poverty-need-debt-loan-plus-interest debt need more-more loans .. .), more poverty that leads to destruction and despair.
Three main functions of the credit union are:
- Encourage members to save regularly
- Providing loans to members with very low interest
- Advise and assist its members to handle their financial affairs
In addition to credit services, financial advice is very important in a society with low education and multicultural background, language problems. To facilitate understanding of invoices received advice how and where to meet the payments, as well as consumer rights, is a great help for many people.
And a story that seems old … again, the fees that entities applying for the maintenance of its credit and debit cards have been increased.
In August, the fees that both banks and banks regularly charge customers for having a debit card have risen 1.6% on average, when compared with the values applied in the same month of 2009.
According to data published by the Bank of Spain, the annual fee for a debit card is of 16.84 euros on average for Spanish banks in August 2010.
However, this figure includes an average relieved to a large number of entities, and their entire range of customers. Clearly, more and more, banks have realized the value of a loyal customer, and therefore, the cards become a tool for this purpose. In this way, commissions are often eliminated or waived if you maintain a certain level of spending. The Bank of Spain has been able to collect variations of between 4.51 and 25 euros between the minimum and maximum fees apply an entity to its customers by maintaining a debit card.
History with credit cards is similar. They have been more expensive in August of 1.1% on average, over the same period last year.
The smaller increase in the case of credit cards put out even more clearly the change in the Spanish consumer behavior as a result of the crisis. Several studies and surveys have found that the priority for many families is the strict control of expenditure and as a consequence, have neglected the use of credit as payment, the debt priority.
The annual fee for a credit card in our country stands at about 33.48 euros on average, with peaks which stood at 47 euros and the minimum of 13.52 euros.
In conclusion, more of the same. Meanwhile, economic conditions and unemployment continue to plague us the fees that institutions charge us more expensive than a year ago.