A total 61 per cent of young Maltese consumers are likely to take out credit to purchase a new car while 35 per cent would consider credit for studying and 34 per cent for buying furniture.

The survey, conducted for the European Union, also showed that, over the next two years, a quarter of the respondents were likely to take out some form of a credit.

However, only about a third of the respondents felt informed about their credit rights, while 70 per cent believed that it is too time consuming to compare credit offers.

Around 40 per cent did not feel confident enough to choose financial products that best suited their needs and financial conditions.

The survey was conducted in the framework of the European Commission’s current campaign to promote consumers’ rights when they take out credit. The campaign seeks to raise awareness of credit rights as laid out in the Consumer Credit Directive, and to help consumers be more confident about using these rights.

The Consumer Credit Directive applies to credit loans ranging between €200 and €75,000, taken out for private purchases, excluding mortgage credit. Under this directive, consumers’ rights are protected every step of way: before, when and after agreements are reached.

Representatives of the campaign will be distributing promotional material in Sliema and Valletta, tomorrow, on Sunday and on Friday the 13.