Trade
Buy now, pay later: Consumer advice center warns
If you shop online, you can often pay later. This can be fatal, feared consumer advocates – and insist on stricter regulations against the possible debt mountain.
According to the Consumer Center Federal Association (VZBV), planned new rules for consumer loans increase the risk of over -indebtedness. In particular, consumers could easily get into a debt trap with so-called “Buy Now, Pay Later” loans, the VZBV warns. Such a possibility for delayed payment is often offered for online purchases.
Many purchases can grow to debt mountain
Some formulations in the law of the Federal Ministry of Justice for the implementation of the EU consumer credit directive are too vague, consumer advocates criticize. Instead, they demand clear requirements for a precise examination of the repayment ability to award “Buy Now, Pay Later” and overdraft facility.
The association refers to the case of an anonymous 18-year-old from a debt counseling in Tübingen, who receives 150 euros in pocket money from youth welfare every month. Within three months, he used the opportunity to pay later 39 times and thus accumulated debts of 2003.42 euros. Including fees and default costs, a guilt of EUR 3107.74 came about.
In order to complete a consumer loan online, a clicked box should also meet in the future. “This can promote impulsive credit decisions that can overwhelm consumers financially, especially when shopping online shopping,” warns VZBV director Ramona Pop. Your association wants a signature to continue to be necessary.
Parts of the design praises VZBV, for example, specifications for protection against usury interest and the support of people in financial emergencies. He also criticizes a lack of transparency in rejected credit requests. The plans need the approval of the Bundestag.
Laws Communication from the Federal Ministry of Justice
dpa
Source: Stern
