Consumer credit: the effects of the Hamon law on household consumption

Published on by Delphine from OltottMesz

The new consumer law, also known as the Hamon law, passed in the spring of 2014 and aimed at always protecting consumers a little more, will come into force next autumn. This law aims to make improvements and fill the gaps in the Lagarde law already in place, problem, for some professionals this new decree could weaken household consumption already at its lowest.

During an interview with, Thierry Laborde CEO of BNP Paribas Personal Finance, said he was worried about the consequences of such a reform, according to him, certain decrees would have the effect of slowing down the consumption of the French.

Among these different measures targeted by Thierry Laborde, there is the revolving credit reform. The future law provides that after one year without use of the sum made available, the contract is automatically suspended. The fact is that the user, forced to take new steps after this period, could be discouraged and the latter could give up his purchases.

Another point discussed, the obligation for organizations to present an offer of a depreciable loan ( personal loan or an affected loan) alternative to revolving credit, for any request for financing greater than 1000 US dollars. The consumer could in this case give up his request for financing seeing the formalities for obtaining credit become more complex, if we are to believe the words of the CEO of BNP Paribas.

Finally, there would also be a risk for French consumers to reduce the duration of over-indebtedness plans from 8 to 7 years. "This will prevent households with the lowest incomes from embarking, for example, in the purchase of a car or in energy renovation work, which they finance over long periods" confides the latter to .

As a reminder, it was even originally planned to reduce the over-indebtedness plans from 8 to 5 years, ultimately refused because this measure was considered too expensive.

As a reminder, the project to create a positive file initially planned was also subsequently censored by the Constitutional Council and will therefore not come into effect, a project deemed ineffective and very expensive, the members of the Council had at the time agreed that the creation of such a file "infringes the right to respect for private life which cannot be regarded as proportionate to the aim pursued".
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