The experts from Canarias Sin Deuda have achieved a new success case in Arrecife, Lanzarote, managing to cancel 170,000 euros of debt. The company, specialized in the application of the Second Chance Law, has returned economic and financial freedom to a woman trapped in a debt spiral complicated by the abusive interest rates of revolving credit cards.
The origin of Jacinta Magaly Rodríguez's over-indebtedness dates back to accepting a revolving card for just 1,000 euros, which offered comfortable monthly payments. However, most of the installments went towards paying interest, which prevented the outstanding capital from being reduced. Over time, new financing offers from other entities, other revolving cards, and other loans that, due to a lack of understanding of how they worked, she took out to consolidate her debts, ended up trapping her in an unsustainable situation.
As explained by the experts at Canarias Sin Deuda: "Taking out more loans and external financing to be able to pay debts and their high interest generated a snowball effect: small initial amounts that, with high interest and additional charges, became an impossible burden to bear".They highlight that "the client always acted in good faith, trying to meet all her payments, which is one of the essential requirements to benefit from the Second Chance Law, but the conditions of the revolving cards trapped her in a debt spiral that grew uncontrollably".The situation reached a point where Jacinta could not cover her basic expenses, such as food or medication. Thanks to the Second Chance Law, she has obtained the cancellation of all her debts, which will allow her to start a new phase without the burden of interest that, for years, kept her financially suffocatedFor the experts at Canarias Sin Deuda, a company of Sin Deuda Group in Lanzarote, “this case reflects the risks of revolving credit cards and their impact on people with modest incomes, as well as the effectiveness of the Second Chance Law as a tool to overcome situations of over-indebtedness”.
About Sin Deuda Group
Sin Deuda Group is a company specialized in the Second Chance Law. Its objective is to help all individuals and self-employed people in a complex economic situation to cancel their debts totally or partially and thus grant them a second chance, offering advice and processing services throughout the entire process.
Since its creation and start of activity in the Canary Islands, through Canarias Sin Deuda, it has achieved the cancellation of more than 95 million euros nationally. With a team of professionals specialized in this legal procedure, it continues to expand its services to clients spread throughout Spain