New rules for credit marketing

Visa cardsVisa cards.Photo: Pixabay

According to a press release from the Consumer Ombudsman, on July the 1st, new rules for credit marketing will come into force. Among other things, it will be illegal to focus on putting fast credit funds right in your pocket.

The changes will make it impossible to emphasize the speed with which customers can gain credit at their disposal, how quickly one must answer a credit request, that there is a low threshold for credit, or that there is a simple application process.

‘The new rules will make it harder to play the cards of how quickly you can get money, and how easily the money is available.

This will ward off the most aggressive marketing of credit, and thus lower consumer debt’, said Consumer Ombudsman, Elisabeth Lier Haugseth.

The Consumer Ombudsman will carry out supervision check-ups in the autumn to see whether the new rules are being followed.

‘We expect banks, finance companies and other parties to follow the new rules, and that we will not see more luxorious advertising for expensive consumer loans as time passes,’ said Haugseth.


© NTB Scanpix / Norway Today