60% of Maltese do not know their credit rights
A recent survey showed that more than 60% of Maltese consumers did not feel informed about their credit rights and about 40% did not feel confident enough to choose the right product for them.
A campaign promoting consumer rights when applying for credit arrangements is entering a new phase and in particular targeting students who attend Malta’s University at Tal-Qroqq.
The campaign with the slogan "Need credit? Don't just sign” is targeted at young adults between the ages of 18 and 35, encouraging them to be aware of their rights before signing a credit agreement.
“Raising consumer awareness about credit is particularly important in the current economic climate and as consumers face difficulties when asked to choose between increasingly complex credit products,” a spokesperson for the campaign in Malta said.
The promotional material in the form of small-format leaflets lists the five key rights which are derived from the Consumer Credit Directive (2008/48/EC). This legislation gives consumers the right to transparent advertising, the right to receive standardised and comparable information before signing a contract, the right to clear information in the contract, the right to withdraw from an agreement within 14 days without explanation, and the right to repay early.