Paper mandated by the German Coalition against Usury in connection with the European Coalition for Responsible Credit (ECRC) submitted to the Open Public Consultation on the Evaluation of Directive 2008/48/EC, Hamburg 08/04/2019
The German Coalition against Usury is a joint initiative of German Consumer Advice Agencies (‘Verbraucherzentralen’), Debt Advice Associations, Trade Unions, Consumer Attorneys and Academics. The German Coalition against Usury has adopted a declaration to stop the rise of usurious credit in Germany. The Coalition also contributes to the work of the international network of the European Coalition for Responsible Credit (ECRC). The German Coalition against Usury declaration requires that insurance sold in connection with the credit be represented in the APRC(annual percentage rate of charge).