April 4, 2017 / 7:32 AM / in 7 months

Norway to restrict marketing of consumer credit

OSLO, April 4 (Reuters) - Norway will impose new limitations on the marketing of credit cards and other high-interest loans to better protect consumers, the government said in a statement on Tuesday.

** The new rules will restrict the most aggressive forms of marketing but fall short of proposals by some consumer advocates to ban the marketing altogether.

** Other measures by the government will include a centralised debt register that allows banks to assess an individual’s overall debts, and will also make it mandatory for lenders to better inform borrowers of the size of their debt.

** High-interest consumer debts grew by 15 percent in 2016, according to Norway’s banking industry regulator, which has proposed caps on household borrowing. (Reporting by Terje Solsvik, editing by Ole Petter Skonnord)

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