Aggressive marketing of consumer loans to be banned

Minister of Finance, Siv JensenMinister of Finance, Siv Jensen.Photo: Terje Pedersen / NTB scanpix

The Government proposes to ban aggressive marketing of consumer loans, according to E24.

This was revealed at a press conference Tuesday including Minister of Finance, Siv Jensen, Minister for Children and Equality, Solveig Horne, and Minister of Justice, Per-Willy Amundsen, all representing the Progressive Party.

The three Ministers put forward several proposals concerning the financial sector and consumers. Among them a statute that require financial institutions to declare total outstanding debt and the introduction of an ‘debt information law’ providing credit institutions with an overview of people’s overall debt in order to refuse to give loans to people who can not handle it.

– Consumer debt is now at NOK 90 billion, and last year increased by 15 percent. More and more people have problems with repayments, says Horne.

A short time ago the Government sent out a proposal for ‘regulations on good credit marketing’ for review, and invited key players to provide feedback.

 

Source: NTB scanpix / Norway Today

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