EU Streamlines Consumer Credit Rules

Law360, New York (May 22, 2007, 12:00 AM EDT) -- The European Union made good on a promise to streamline credit rules across its 27 member states on Monday, when it established a new standard format for credit card consumers to compare interest rates and loans.

Because of the great variation in consumer credit rules across the member states, especially on issues such as early repayment, cross-border transactions by consumers were incredibly complicated.

For instance, with rates ranging from 6% in Finland to 12% in Portugal, consumers who do business across country lines would find themselves...
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