Local view for "http://purl.org/linkedpolitics/eu/plenary/2008-01-16-Speech-3-192"
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"en.20080116.9.3-192"2
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".
It is a highly controversial directive, ‘on ice’ for almost six years, that the European Parliament passed today. Yet, it is a text very close to the hearts of Europeans because it provides for the harmonisation of the consumer credit market.
This market is worth 800 billion euros (two out of three Europeans use credit to buy furniture, a television or a car), and interest rates currently vary from 6% (in Finland) to more than 12% (in Portugal), and yet transactions have so far been mainly national; less than 1% of credits are currently cross-border.
The directive opens up European borders to consumers looking for the best credit deals: they can choose the best offer and be guaranteed the same rights and the same standards of information, comparison and, above all, protection against getting into too much debt. Assessing the creditworthiness of the borrower, free and fast information in the event of refusal and the 14-days right of withdrawal in principle are some of the main objectives of the directive.
However, one regret, and it is a big one, is the lack of clarity surrounding early repayment terms. Heavily penalising consumers who repay early would make the other advantages of harmonisation completely pointless!"@en1
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