From this history, the goal of this informative article is twofold.
Secondly, it tries to evaluate as to what extent the 2008 credit rating Directive is fit because of its function as far as the consumer protection against irresponsible lending practices is concerned today. The analysis commences by having a research regarding the basic meaning of вЂњresponsible lendingвЂќ into the context of customer creditвЂ”that is, unsecured credit given to individual, home, or domestic purposes. Building upon the contours associated with the idea of accountable lending who has emerged using this quest, along with the link between the empirical research carried out by the writers, the content later identifies the essential imminent reckless financing methods when you look at the credit areas throughout the EU and tentatively analyses their key drivers. The empirical study involved several semi-structured interviews with the representatives of the consumer organizations and national competent authorities aimed at verifying the preliminary findings and obtaining further information on the problematic aspects of consumer credit, both in old and new Member States in addition to the desk research.