New Report Shows International Impact of Credit and Debt on Consumers
By Consumers Union on Thursday, November 7th, 2013
Today, Consumers International – a UK-based organization of over 240 member organizations from 120 countries – released a new report entitled Responsible Lending: An International Landscape. According to the report, credit and debt are key issues for consumers around the world – not just here in the U.S.
The report includes 15 chapters describing various aspects of credit and debt experiences from a global consumer perspective.
Consumers Union staff attorneys contributed to the report–Suzanne Martindale authored a chapter on the serious implications of student loan debt in the United States, and Christina Tetreault wrote about credit card reform and what remains to be done in the United States to fully protect consumers.
This new report is a collaboration between an international cadre of consumer advocates, all members of Consumers International. In addition to the two chapters we contributed from the United States, other chapters were authored by consumer advocates from Argentina, Australia, Belgium, Fiji, Greece, India, Italy, Malaysia, Russia, Slovenia, South Africa, Uganda, and the United Kingdom.
Given the global nature of the financial services industry, it should come as no surprise that many of the issues faced by consumers in one country are concerns in another. The new report explores evidence of common themes in credit and debt experienced by consumers across the world and across product ranges, considers the impact of ineffective regulation and questionable lending practices and offers solutions to a more stable and responsible lending market.