By Hans-W. Micklitz, Irina Domurath
This booklet analyses the dichotomy among the objective of social inclusion and the impact of social exclusion via over-indebtedness considering the fact that 2008 in Europe. Filling an important hole within the present literature at the results of the monetary and fiscal concern, this quantity places into context educational dialogue with the real-life size of over-indebtedness. reviews from six ecu nations offer socio-economic and criminal info on over-indebtedness in addition to the regulatory and judicial responses to the issues entailed by way of over-indebtedness. They shape the empirical history for 5 analyses of alternative elements of the inclusion-exclusion dichotomy. It turns into transparent that during the context of credits enlargement, person over-indebtedness has changed into a social factor, which the present layout of the shopper credits and loan procedure in Europe has helped to supply whereas pushing aside the consequential possibility of social exclusion.
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Extra info for Consumer Debt and Social Exclusion in Europe
The model of assessing creditworthiness based on a simple conversation between the consumer and the bank employee is being replaced by another model in which it is not only the consumer who provides information to the lender, but rather a third party whose job is to gather and provide information on individuals. The idea is that market failures are determined by a lack of information, while building a more efficient infrastructure will help bridge the gap, thereby improving the information paradigm.
2012) 1]. 9 Data provided by EKPOIZO (n 3). 10 The total average amount of outstanding debt is approximately €101,349,000,000 according to the data provided by the Central Bank of Greece. This data allows us to conclude that approximately 700,000 households are now behind with the repayment of their credit obligations and could be considered to be over-indebted. In a similar vein, as of March 2014, at least 100,000 applications have been filed by consumers seeking to benefit from Law 3869/2010 (for overindebted households), and today the number of applications continues to rise.
This view, as stated above, is nonetheless incomplete as it overlooks relevant aspects which might lead even lenders to avoid relying on databases, de facto restraining the likely valuable role of credit reference agencies. Indeed, under certain conditions collecting information about the consumer is not necessarily in the interest of the lender, especially when this process is costly. Consequently remuneration mechanisms might play a role; for instance, in cases in which credit reference agencies finance themselves through imposing a 74 National reports in Part II of volume.
Consumer Debt and Social Exclusion in Europe by Hans-W. Micklitz, Irina Domurath