In recent years, the microloan and consumer credit market in Uzbekistan has significantly increased its activity. This was reported by Zamin.uz.
However, aggressive advertising and marketing methods used by some credit organizations are causing financial services to become widespread among the population. As a result, there has been a sharp increase in debt burden.
According to the Competition Committee, in many cases, when credit products are advertised, citizens focus only on the opportunity to get a loan quickly and easily. At the same time, due to insufficient information about financial risks, many people find themselves in a complicated financial situation.
To address this issue, the Competition Committee and the Central Bank propose amendments to the "Advertising Law." According to the proposal, when advertising credit and microloans, at least 10 percent of the advertisement should be allocated to warnings about financial risks.
This initiative aims to increase financial awareness among citizens and prevent excessive indebtedness. Therefore, the Competition Committee urges citizens to clearly and responsibly assess their financial capabilities when taking on any loan obligations, as well as to thoroughly study credit terms, interest rates, and payment obligations.
Source: zamin.uz.
