Consumer advocacy leader calls for "essential aid"
Germany's top consumer advocate, Klaus Müller, is calling for immediate action from the federal government to implement a proposed consumer rescue package. The package, initially proposed by six federal states' consumer protection ministers, aims to significantly alleviate financial hardships for many people, particularly those affected by the ongoing economic pressures caused by the coronavirus.
Müller believes that the government should specifically support consumers, following generous support for some companies and industries. He is urging the federal government to implement the consumer rescue package promptly, citing the expiration of the option to suspend debt servicing, introduced in March, as a case in point.
One of the key measures proposed in the consumer rescue package is a cap on debt collection fees. Müller describes these fees as a modern-day highway robbery of a multi-billion dollar industry. He also advocates for restricting cash advances for travel, a move he believes would help protect consumers from unnecessary financial strain.
In response to further job losses and insolvencies, Müller suggests reintroducing the credit moratorium. This would provide much-needed relief to consumers facing financial difficulties. The measures proposed in the consumer rescue package, if implemented, would significantly alleviate the situation for many people and boost confidence in a balanced crisis policy.
As of now, there is no confirmed or updated detail about the specific consumer rescue package in Germany, particularly regarding restrictions on cash advances for travel or debt collection fee reforms. For detailed, up-to-date specifics about Germany’s consumer rescue package, including travel cash advance limitations and debt collection fees, it is recommended to consult official German government announcements or reputable financial news sources directly.
The finance business in Germany could potentially see changes with the implementation of a consumer rescue package, as proposed by six federal states' consumer protection ministers. Müller, Germany's top consumer advocate, is advocating for specific support for consumers, arguing that such assistance is long overdue given the generous support already given to some companies and industries.
