credit & product certification legal essay
Extended Response – Consumer Law
How effective are legal and non-legal measures in responding to credit and product certification issues?
The law has endeavoured to reform, gradually improve and develop itself due to the rising number of contemporary issues concerning consumers which include credit and product certification. The law is effective in most of these areas, although there is often need for additional protective measures which are supported by legal and non-legal measures in order to ensure consumers are substantially protected and supported. The continued work of legal bodies and reforms to legislation has been largely effective to a great degree in areas of credit and product certification, but is in vast need for further sustainability through associated efforts of legal non-legal responses in ensuring complete consumer protection and effective responsiveness. Most of the responses to issues involving the use of credit are legal responses, because most aspects of credit transactions are regulated by the Consumer Credit Code and is also a single uniform. Non legal avenues are also widely open to consumers in responding to credit. The Australian Competition and Consumer Commission also plays a big role in legally responding and enforcing and monitoring mandatory product safety and information standards.
Credit is the purchase of goods and services in advance of future payment. This is a great convenience because they can enjoy the use of an item long before they can afford to pay the complete price for it. In addition, the availability of credit has great significance for the economy. More goods are brought because of the availability of credit, and consumption is increased. Although, the 21st century is rapidly becoming a ‘cashless society’ in which credit providers issue loans almost too lightly. In fact, many consumers desire to live beyond their means, and as a consequence, at greater risk of exploitation by unscrupulous lenders and as a
How effective are legal and non-legal measures in responding to credit and product certification issues?
The law has endeavoured to reform, gradually improve and develop itself due to the rising number of contemporary issues concerning consumers which include credit and product certification. The law is effective in most of these areas, although there is often need for additional protective measures which are supported by legal and non-legal measures in order to ensure consumers are substantially protected and supported. The continued work of legal bodies and reforms to legislation has been largely effective to a great degree in areas of credit and product certification, but is in vast need for further sustainability through associated efforts of legal non-legal responses in ensuring complete consumer protection and effective responsiveness. Most of the responses to issues involving the use of credit are legal responses, because most aspects of credit transactions are regulated by the Consumer Credit Code and is also a single uniform. Non legal avenues are also widely open to consumers in responding to credit. The Australian Competition and Consumer Commission also plays a big role in legally responding and enforcing and monitoring mandatory product safety and information standards.
Credit is the purchase of goods and services in advance of future payment. This is a great convenience because they can enjoy the use of an item long before they can afford to pay the complete price for it. In addition, the availability of credit has great significance for the economy. More goods are brought because of the availability of credit, and consumption is increased. Although, the 21st century is rapidly becoming a ‘cashless society’ in which credit providers issue loans almost too lightly. In fact, many consumers desire to live beyond their means, and as a consequence, at greater risk of exploitation by unscrupulous lenders and as a