New provisions for consumer credit reform are already in place: they aim to favor the depreciable credit at the expense of revolving credit, more expensive and more complex for the consumer borrower. As soon as the new decrees come into force, it will be the amount of the loans, and it alone, that will make it possible to fix the loan attrition rate, that is to say the maximum interest rate applicable by the banks. for each category of credits. Three new categories should emerge:
Loans of less than or equal to 3,000 euros;
loans of more than 3,000 euros and less than or equal to 6,000 euros;
loans of more than 6,000 euros.
As a result, usury rates should become the same for both depreciable and revolving loans.
In addition, in order to favor the choice of the amortizing credit rather than the revolving credit, the lender will henceforth be obliged to offer both borrowing possibilities to his clients, as long as the amount borrowed exceeds € 1,000.
The repayment term should also be regulated according to these new loan categories: a new decree provides that “an outstanding amount of less than 3,000 euros on a revolving credit must be repaid in less than 36 months and in less than 60 months for an outstanding amount of more than 3,000 euros “. This aims to reduce the duration of consumer debt and to reduce the risk of over-indebtedness.
The reform of consumer credit comprises a total of 14 decrees and 4 decrees, all of which will enter into force on 1 May 2011. But a transitional period of two years is planned for a gradual implementation of this reform, in order to facilitate the adaptation of market players. For consumers who want to dispose of loans deemed too expensive, there is always the possibility of considering the purchase of credits: this restructuring will allow them to reduce the amount of their monthly payments, to gain more flexibility for their budget, while allowing them to liquidate their revolving credits.