The United Kingdom’s Consumer Credit Act 1974 in the Global Context – Comparative Insights

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Summary:

The UK's Consumer Credit Act 1974 is examined within a global context, comparing its approach to other regulatory frameworks. The article highlights the strengths and weaknesses of the Act, noting its robust consumer protections and adaptations to modern financial products and services. The Act is analyzed alongside the US and EU's consumer credit laws, revealing a decentralized approach in the US, a unified but less flexible framework in the EU, and the UK's Act's limitation to traditional forms of credit. The conclusion suggests that the Act would benefit from modernization to adapt to the evolving consumer credit landscape and align with global best practices.