ABSTRACT
Over the course of the first decade of the 21st century the general level of household indebtedness, including mortgage and consumer credit loans, has generally increased in Europe. 1 The level of indebtedness became a considerable social problem for many individuals in various European countries after the outbreak of the 2007–2008 financial crisis, which had serious ramifications for Europe. These simple observations should be placed in the specific political, economic and social context which has characterised Western societies in recent years in which it is possible to observe an increase in the level of consumption and household debt. It should be noted that the increase in levels of household debt was not solely a casual development rooted in the changing consumption habits of a more and more individualistic society. Rather, this increase was most notably the result of specific economic and political choices which informed the overall economic and legal architecture of several Western countries. Focusing specifically on Europe, the increase in household debt, which was moderate in some states and significant in others in the mid-2000s, can be directly linked to the macroeconomic situation in those countries as well as to other structural factors. 2 In other words, whilst from a purely private law perspective credit is simply the result of a bilateral transaction, in a broader sense the recourse that individuals make to private debt cannot be considered a purely private matter. On the contrary credit is strongly dependent on more general factors which must also be taken into account in any legal analysis. Admitting that a link between increased consumer credit and macroeconomic figures exists, 3 it becomes obvious that the economic crisis would necessarily affect contractual relations, exposing some consumers on the front line to the detrimental effects of poor macroeconomic figures.
