Consumer Debt and Social Exclusion in Europe by Hans-W. Micklitz, Irina Domurath

By Hans-W. Micklitz, Irina Domurath

This ebook analyses the dichotomy among the aim 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 financial drawback, this quantity places into context educational dialogue with the real-life size of over-indebtedness. experiences from six ecu international locations offer socio-economic and criminal details on over-indebtedness in addition to the regulatory and judicial responses to the issues entailed by means of over-indebtedness. They shape the empirical heritage for 5 analyses of alternative features of the inclusion-exclusion dichotomy. It turns into transparent that during the context of credits growth, person over-indebtedness has became a social factor, which the present layout of the shopper credits and personal loan approach in Europe has helped to provide whereas brushing off the consequential probability of social exclusion.

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64 While that directive, the main objective of which was to ‘facilitate the emergence of a well-functioning internal market in consumer credit’,65 remained mostly loyal to the informative paradigm and had a relatively lax approach to responsible lending, leaving it to the Member States, that concept was back on the European agenda when the Commission included it in its proposal for a Mortgage Credit Directive. 67 In the European context too, after initial reluctance to regulate this essential area at the EU level, the directive on credit agreements for consumers relating to residential immovable property was eventually adopted,68 roughly a decade after the aforementioned Commission Green Paper on mortgage credit.

Sufi, Amir, ‘Lender Incentives, Credit Risk, and Securitization: Evidence from the Subprime Mortgage Crisis’, in Ralph Brubaker, Robert M. Lawless and Charles J. Tabb (eds) A Debtor World: Interdisciplinary Perspectives on Debt (New York and Oxford: Oxford University Press, 2013) 92. , ‘Debt and the Simulation of Social Class’, in Ralph Brubaker, Robert M. Lawless and Charles J. Tabb (eds), A Debtor World: Interdisciplinary Perspectives on Debt (New York and Oxford: Oxford University Press, 2013).

In this political, economic and social environment the number of indebted and over-indebted consumers rose to new heights and the Greek government was forced to adopt new laws to deal with this situation. This chapter will first provide the context within which indebtedness and over-indebtedness arose in Greece, before sketching a picture of indebted and over-indebted consumers, and will critically assess the legal framework that was adopted to tackle the growing problem of indebtedness and over-indebtedness in Greece.

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