Local view for "http://purl.org/linkedpolitics/eu/plenary/2012-11-19-Speech-1-189-000"
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"en.20121119.24.1-189-000"2
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"Mr President, consumer credit is a special problem. This area of the market is booming. In 2010, EU citizens owed consumer credit debts amounting to EUR 600 billion. Therefore caution is advisable here. With a consumer loan, it is not the lowest monthly payments or the lowest interest rate that are the deciding factor, but the overall cost of the loan. In order for the consumer to judge whether a loan from his local bank is not cheaper, it is imperative that he knows the real interest rate, fees and the cost of compulsory default insurance. However, with online loans especially, this basic information is often not provided. This must be regulated at European level, because online loans are offered across borders. Moreover, consumers must be able to compare the many and varied products offered by financial providers properly."@en1
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