EU reaches consumer credit compromise
BRUSSELS - In January the European Parliament finally adopted at second reading the long-awaited Consumer Credit Directive (CCD). The directive aims to fully harmonise credit lending conditions across the European Union.
Current average interest charged varies, from 6% in Finland to over 12% in Portugal, according to data from the European Central Bank. The CCD is designed to break down the national boundaries that currently divide credit lending, to provide a level playing field for EU consumers and encourage fair competition.
"For example, a Polish plumber working in France or Germany and borrowing from a credit institution there can now obviously compare the different offers on annual percentage rate in the
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