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In this new era of globalization another concern is on a daily plan near unemployment, and that is the multitude of debts. The majority of people can afford a proper lifestyle management only by accepting loans, becoming debtors, not only to one, both multiple creditors. Because of the debt problems and risks connected to it, responsible credit services and offers are more important nowadays than ever. Credit agreements have become confusing and really far from transparent, misleading and confusing consumers. Consumers cannot manage to accept the overwhelming amount of information, the misleading offers including extra fees and taxes, the pressure of creditors, who are requiring more and more the acceptance of extra services like unpaid balances or insurances when giving credit. Without proper help and advice, consumers, debtors who are unfamiliar with the financial world can suffer negative consequences, which can be devastating.

Consumer credit is needed by the majority of people in UK, because it promises a future income to manage day by day expenses, starting businesses, healthcare, education or consumption. Consumer credit became is the key element for participation to the modern financial society, so people are willing to take its advantages even if it has a dark side too. Because of the great need people are having towards consumer credit this form of financial aid has continued to extend at high cost, causing more poverty.

In order to improve the situation there are some principles we are following so people could get the needed information and help, so they can really benefit of consumer credit, not only lose. Affordable and responsible credit should be provided for all, not only for some; banks should not be discriminating and should provide real access, because for full participation is society credit is essential. In order to benefit from consumer credit, relations have to be understandable and transparent not only for creditors. A standardized payment plan should be necessary for social transparency and consumers; consumers should be provided both: access to independent advice and needed time for thinking before making a decision.

Lending at all times has to be responsible, fair and cautious. Consumers have to be given the required information and advice; early repayment must be possible without any extra charges and refinance conditions should be regulated. Lenders should not exploit and use the consumers’ needs, naivety and weakness to benefit from them. Protective regulation, credit regulation has to cover all commercial forms of credit provision, non-commercial users and the entire process of credit extension; only this way will be the protective legislation effective.

Over-indebtedness should not only be a personal concern, but a public one, that is why consumers should have a right to discharge and instead of retorsion bankruptcy procedures should lead to rehabilitation.  Borrowers must defend their rights and be free to say their concerns, so individual and collective procedures enforcing borrower rights should be a must.

Be responsible, get college money today, just be carefull, only borrow  the amount of money you need.