Hidden Costs of Revolving Credit Cards in Spain

Revolving Credit Cards: A Hidden Financial Risk In Spain, many consumers are unaware of the high costs associated with revolving credit cards. Interest rates often exceed 20%, leading to significant overspending. A recent podcast highlighted this issue, emphasizing the lack of financial education among consumers. "People don't realize how much more they end up paying," said one expert. The podcast compared this to the much lower interest rates of mortgages, typically around 3-4%, illustrating the substantial difference. This lack of awareness can have severe consequences for individuals' financial well-being. Financial literacy programs are crucial to help consumers make informed decisions and avoid falling into debt traps. The podcast's discussion underscores the need for greater transparency and financial education in Spain.