The necessary adjustment of the allocation of the risk of over-indebtedness in the regulation of credit cards: from a system based in the duties of information to a model of joint responsibility

Abstract

The emphasis of the legal framework of credit cards regarding the information duties ignores important behavioral aspects and assumes that the consumer can adequately project his income and expenses to weight the effects of such election in his personal economy. Such model increases the risk of over-indebtedness, affecting the debtor and burdening the entire economic system. To promote a better response, I intend to explore the relevance of building a system of “responsible loans”, and, as a first step, recognize a duty of advice all through the pre-contractual phase and the term of the contract.