Consumer Debt and Social Exclusion in Europe by Hans-W. Micklitz, Irina Domurath

By Hans-W. Micklitz, Irina Domurath

This e-book analyses the dichotomy among the objective of social inclusion and the impact of social exclusion via over-indebtedness because 2008 in Europe. Filling an essential hole within the present literature at the results of the monetary and financial challenge, this quantity places into context educational dialogue with the real-life measurement of over-indebtedness. stories from six ecu international locations supply socio-economic and criminal details on over-indebtedness in addition to the regulatory and judicial responses to the issues entailed by means of over-indebtedness. They shape the empirical historical past for 5 analyses of other elements of the inclusion-exclusion dichotomy. It turns into transparent that during the context of credits growth, person over-indebtedness has become a social factor, which the present layout of the patron credits and loan approach in Europe has helped to provide whereas pushing aside the consequential hazard of social exclusion.

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45 Similarly, making such information clearer and transparent was not just a tool to empower the consumer but importantly also allowed for easier comparability of the different credit offers from various financial services providers in Europe with a view to promoting competition. The creation of standardised information to be given to the consumer as required by the 2008 directive is a good example of such an approach. 46 While European legislation aimed at empowering consumers, paving the way to easy credit which could be employed to promote their social inclusion, it overlooked the social problems that occurred when those consumers did not fulfil their role as efficient economic actors.

Indeed, under certain conditions collecting information about the consumer is not necessarily in the interest of the lender, especially when this process is costly. Consequently remuneration mechanisms might play a role; for instance, in cases in which credit reference agencies finance themselves through imposing a 74 National reports in Part II of volume. , 2004, 95. 76 Recommendation 2009/384/EC. 77 Directive 2014/17/EU, Art. 7. 78 See Chapter 11, this volume. 79 Directive 2008/48/EC, recital 28.

B. The Situation of Indebted Consumers in the Country: Financial and Social Issues The Problems of Indebted Consumers in the Country Five years after the outbreak of the financial and economic crisis in Greece, the over-indebtedness of Greek consumers remains one of the main social problems in the country. Levels of both indebtedness and over-indebtedness have been rising continuously in the last five years, exposing especially vulnerable households and creating a significant homelessness problem.

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