Credit Card - Revolving debtThis type of credit can finance your current expenses

 

Revolving credit is not applied to the purchase of a specific property; it is intended to finance your living expenses: so you do not provide proof of purchase.

 

You use what you want:

 

  • You do not have to use the maximum amount:

– You can use only a portion of the credit.

– In short, you “pull” what you want.

  • You pay each month more or less depending on what you can:

– The monthly repayments are not fixed.

– You can pay more if you have cash, or less if you cannot.

– Often, there is a minimum monthly payment to meet.

  • Credit from 3 months to 1 year, renewable after 1 year.
  • You can take credit insurance: useful in case of problems (unemployment, work stoppage, death).

 

Revolving credit is offered by credit unions, banks or department stores.

 

Increased protection against over-indebtedness

 

Consumer safety is enhanced: the lender is obliged to check the creditworthiness of the borrower at the entrance and throughout a revolving debt.

– File consultation identifying incidents repayment on loans.

– Information sheet to be completed by both parties (lender and borrower) to help measure the creditworthiness of the consumer.