One third of Cypriot consumers are likely to take out credit in the next two years but 70% do not feel protected with regards to their credit rights, according to recent surveys.
This is what EU Commissioner for Consumer Policy Neven Mimica told a press conference in Nicosia on Friday, before presenting the information campaign on consumer credit.
"Need credit? Don't just sign. You have rights" is the slogan of the campaign that has been running in Cyprus since December.
Commissioner Mimica said: "I am glad to see the support that this important campaign has gained in Cyprus. With this campaign we want to encourage consumers to stop and think before signing a credit contract".
He added: "We want to remind them that they have rights, which they can and should exercise".
The campaign's purpose is to raise awareness amongst young adults, aged between 18 and 35, of their five key rights when taking out credit between €250 and €75,000.
These are the rights to transparent advertising, and the right to receive standardised and comparable information before signing a contract.
As well as the right to clear information in the contract, to withdraw from an agreement within 14 days without explanation and to repay early. Mimica also clarified that these rights stem from the Consumer Credit Directive which Cyprus has transposed correctly into national legislation.
The campaign has so far been promoted in print and online media and Cypriot consumers had the chance to receive promotional material on the high streets and shopping malls in Nicosia, Limassol and Larnaca.
Labour and Social Insurance Minister Zeta Emilianidou, who was also present at the press conference, said: "The Commission's campaign held in Cyprus on consumer credit has my full support".
And she added: "It will help consumers in Cyprus to become aware and exercise their rights when taking out credit. In this way they will be able choose the product that best suits their needs."