Cross-border credit a step closer after EU vote

CASH-STRAPPED consumers got some good news yesterday after the EU moved one step closer to enabling 500 million EU citizens to avail of better and cheaper loans.

The European Parliament in Strasbourg voted in favour of introducing an EU directive to facilitate consumers obtaining credit across EU borders.

The proposed legislation aims to make it easier for consumers to shop around for the best offers from banks or credit companies in another European country. It is expected to come into effect by early 2010.