Students have rights when taking out credit

As more and more students turn to financial institutions to get loans for higher education, its important to know your rights as a consumer.

Less than 50% of Irish consumers feel informed about their rights when taking out credit and most do not feel confident about choosing the credit agreement that best suits their needs.  Out of the age group 18-35-year-olds only 25% are aware of the key rights that they are entitled to under the EU Consumer Credit Directive[1].

The five key rights granted to consumers when taking out credit are:

1. the right to transparent advertising;
2. the right to receive standardised and comparable information before signing a   contract;
3. the right to clear information in the contract;
4. the right to withdraw from an agreement within 14 days without explanation; and
5. the right to repay early.

“With so many people in need of loans or struggling to repay debts, it has never been more important for consumers to understand their rights when it comes to credit agreements” said Neven Mimica, Commissioner for Consumer Policy.

Consumer credit rights are the focus of a yearlong information campaign launched by the European Commission. This campaign target is in particular young consumers. Stop, Think and Act before you sign up for any credit loan.

For more information: http://ec.europa.eu/consumer-credit

For the info graph click here

For more information on campaign please contact: Bridget Ryan, Bracken PR bryan@brackenpr.com 086 7784296