{"id":125720,"date":"2019-11-29T13:47:18","date_gmt":"2019-11-29T13:47:18","guid":{"rendered":"https:\/\/armbanks.am\/2019\/11\/29\/248954\/"},"modified":"2024-12-15T13:39:34","modified_gmt":"2024-12-15T13:39:34","slug":"credit-burden-of-armenian-consumers-will-be-limited-by-law","status":"publish","type":"post","link":"https:\/\/armbanks.am\/en\/2019\/11\/29\/125720\/","title":{"rendered":"Credit burden of Armenian consumers will be limited by law"},"content":{"rendered":"\n<p><strong>YEREVAN, November 29. \/ARKA\/. <\/strong>The credit burden of Armenian consumers will be limited by law, Armenuhi Mkrtchyan, head of the Center for Consumer Rights Protection and Financial Education of the Central Bank, said at a parliamentary hearing on credit policy and financial literacy. <\/p>\n\n\n\n<p>She said a new regulation is being developed aimed at protecting consumer rights. It  will set the maximum ratio between credit and income of borrower.<\/p>\n\n\n\n<p>&#8220;International studies show that a person can withstand financial shocks when his\/her credit burden does not exceed 40-60% of their monthly income. In Armenia these figures are often higher,&#8221; Mkrtchyan said.<\/p>\n\n\n\n<p>Andranik Grigoryan, the head of a Central Bank department overseeing financial stability, noted in this connection that the new regulation will apply to all types of consumer lending, including mortgage lending.<\/p>\n\n\n\n<p>&#8216;The bill to limit the credit burden for the consumers implies that the consumer cannot independently assess the additional burden of payments for himself\/herself and this is why, it is to be limited to their income index,&#8221; Grigoryan said.<\/p>\n\n\n\n<p>According to him, in this case, banks or credit organizations will not be able to provide a loan if a consumer&#8217;s total income will be used to make payments on credit obligations. At the same time, he emphasized that the regulation will apply to all types of financial activities. &#8211;0&#8211;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The credit burden of Armenian consumers will be limited by law, Armenuhi Mkrtchyan, head of the Center for Consumer Rights Protection and Financial Education of the Central Bank, said at a parliamentary hearing on credit policy and financial literacy<\/p>\n","protected":false},"author":1,"featured_media":164063,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":"","tstyn_error":""},"categories":[9214,9216],"tags":[15837,15036,12645,308],"class_list":{"0":"post-125720","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-banks-en-en","8":"category-news","9":"tag-armenia-2","10":"tag-credit-burden","11":"tag-law","12":"tag-308"},"acf":[],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/armbanks.am\/en\/wp-json\/wp\/v2\/posts\/125720","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/armbanks.am\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/armbanks.am\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/armbanks.am\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/armbanks.am\/en\/wp-json\/wp\/v2\/comments?post=125720"}],"version-history":[{"count":0,"href":"https:\/\/armbanks.am\/en\/wp-json\/wp\/v2\/posts\/125720\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/armbanks.am\/en\/wp-json\/wp\/v2\/media\/164063"}],"wp:attachment":[{"href":"https:\/\/armbanks.am\/en\/wp-json\/wp\/v2\/media?parent=125720"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/armbanks.am\/en\/wp-json\/wp\/v2\/categories?post=125720"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/armbanks.am\/en\/wp-json\/wp\/v2\/tags?post=125720"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}