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European Consumer Debt Network (ECDN) calls upon European decision-makers to take urgent action in tackling European levels of over-indebtedness
A European alliance of over 40 debt advice organisations, consumer agencies and researchers known as the European Consumer Debt Network (ECDN), have written an open letter to EU Prime Ministers and Head of States urging them to tackle over-indebtedness as part of the European action day financial inclusion.
Hans Grohs, President of ECDN says, "With the increasing unemployment rates the number of people with debt problems can be expected to grow substantially over the next months". Investments in preventing and tackling over-indebtedness have scarcely been included in the several billion of Euros that were spent on measures designed to tackle the current crisis. Measures have been put in place to help businesses access financing and cut red tape in order to survive the downturn and thus keep more people in work. These are effective measures for the prevention of over-indebtedness, but more are required."
In 2008 ECDN launched a European action day on financial inclusion to be held each year on the 31st of October. This year the emphasis is on reminding EU leaders that many countries across Europe still lack specific debt regulation, legislation and specialised debt advice services as well as effective credit laws and regulations for responsible lending.
ECDN’s letter includes several recommendations aimed at strengthening financial inclusion in Europe through;
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A European alliance of over 40 debt advice organisations, consumer agencies and researchers known as the European Consumer Debt Network (ECDN), have written an open letter to EU Prime Ministers and Head of States urging them to tackle over-indebtedness as part of the European action day financial inclusion.
Hans Grohs, President of ECDN says, "With the increasing unemployment rates the number of people with debt problems can be expected to grow substantially over the next months". Investments in preventing and tackling over-indebtedness have scarcely been included in the several billion of Euros that were spent on measures designed to tackle the current crisis. Measures have been put in place to help businesses access financing and cut red tape in order to survive the downturn and thus keep more people in work. These are effective measures for the prevention of over-indebtedness, but more are required."
In 2008 ECDN launched a European action day on financial inclusion to be held each year on the 31st of October. This year the emphasis is on reminding EU leaders that many countries across Europe still lack specific debt regulation, legislation and specialised debt advice services as well as effective credit laws and regulations for responsible lending.
ECDN’s letter includes several recommendations aimed at strengthening financial inclusion in Europe through;
- Introducing and improving debt settlement legislation;
- Improving access to free independent advice services;
- Campaigning for the right to a basic bank account and access to adequate banking services; and
- Developing guidelines on responsible credit, financial education and robust data collection on over-indebtedness.
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