Still one law to cover all forms of consumer credit
The amended Consumer Credit Act (CCA) and corresponding regulations came into force on January 1st 2003.
There are risks attached to borrowing. Therefore, it is important to spend time considering the financial service before availing it. The amended Consumer Credit Act sets out to protect you from incurring excessive debt through credit. According to the Act, the lenders musts check their creditworthiness before granting any credit. However, the Act does not protect against a recession in the household budget that happens later during the term of the credit. In this respect, you are advised to seek help from a debt-counselling service. It will check whether the credit conforms to the current law and attempt to reach a payment agreement.
Further Information
Switzerland's New Consumer Credit Act
Association of Debt Reorganisation Berne
