ABSTRACT
This chapter concentrates upon the consumer protection aspects of consumer credit and upon the private law remedies available to consumers. The consumer credit industry is an important sector of the economy and one which has a strong impact on the economic health of the nation. Some form of credit has probably always had (and always will have) a place in human society: some of the oldest records which survive from Mesopotamia are of credit transactions. Regulated agreements cover both 'consumer credit agreements' and 'consumer hire agreements'. The ' annual percentage rate (APR)' or annual percentage rate is required to be disclosed in agreement documents, quotations and most advertisements for credit. Even with the recent crop of reform proposals the basic structure and philosophy behind the CCA 1974 will remain in place. Nevertheless the Act's limitations are illustrated by the problems it experiences in handling the issues raised by credit cards and Electronic Fund Transfer at Point of Sale (EFTPOS) cards.
