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Strangulation credit

The term strangler credit is used in loan situations, in which the interest on the loan rises so high that you only pay interest, do not pay anything off on the debt and no longer get off the loan.

There is a strangulation loan if you have taken out a revolving credit with a lender that continues to increase the - already often high - calculated interest. A revolving credit has a variable interest. If this interest rate is increased time and time again, you will be “in a stranglehold” with your lender who has strict loan rules and adheres to them. You can no longer get out of your expensive loan and you continue to pay high interest rates and do not pay off your debt. Transferring this revolving credit is difficult because there is a high debt in your name. Converting this strangulation loan to a personal loan with a fixed lower interest rate would be a solution for many people.

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