CONSUMER POLICY

"Need credit? Don't just sign. You have rights"- this is the slogan of the campaign. Its purpose is to raise awareness amongst young adults, aged between 18 and 35, of their five key rights when taking out credit between €250 and €75.000: the right to transparent advertising, the right to receive standardised and comparable information before signing a contract, the right to clear information in the contract, the right to withdraw from an agreement within 14 days without explanation and the right to repay early.

These rights stem from the Consumer Credit Directive (Directive 2008/48/EC) which Cyprus has transposed correctly into national legislation. Recent surveys showed that 35% of Cypriot consumers are likely to take out credit in the next two years but 70% do not feel protected with regards to their credit rights.

The campaign has so far been promoted in print and online media and Cypriot consumers had the chance to receive promotional material on commercial streets and shopping malls in Nicosia, Limassol and Larnaca.

Minister Zeta Emilianidou said: "The Commission's campaign held in Cyprus on consumer credit has my full support. It will help consumers in Cyprus to become aware and exercise their rights when taking out credit. In this way they will be able choose the product that best suits their needs."

Commissioner Neven Mimica said: "I am glad to see the support that this important campaign has gained in Cyprus. With this campaign we want to encourage consumers to stop and think before signing a credit contract. We want to remind them that they have rights, which they can and should exercise."

For more information please visit: http://ec.europa.eu/katanalwtikhs-pisths