Local view for "http://purl.org/linkedpolitics/eu/plenary/2004-04-20-Speech-2-187"

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"en.20040420.7.2-187"2
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". I trust that the proposal for a directive on consumer credit which we are debating will provide a solution for the benefit of consumers and will put a stop to this unacceptable situation which functions like an El Dorado for the credit institutions. In Greece, in recent years, there has been a rapid increase in consumer loans and we are already talking about the excessive debt of Greek households. This increase is due not only to misleading advertising to attract customers, but also to the ambiguous terms and 'small print' in the agreements, which put an additional burden on borrowers. No one can deny the need for measures to be introduced to standardise the information which banks must provide so that consumers are in a position to compare more easily and select the product best suited to their needs. This information must also list the actual annual rate of interest, the eventual cost of contracting the agreement, the number and amount of the instalments and the total cost of the loan. The right of the consumer to be able to withdraw from the agreement within a reasonable period of time without needing to justify his action must also be established."@en1

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