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Debt advice for consumers: nature, European debate and implications for Italy

Author

Listed:
  • Diletta Antenucci

    (Bank of Italy)

  • Gioia Caldarelli

    (Bank of Italy)

Abstract

Debt advice indicates a set of activities including personalized assistance of a technical, legal or psychological nature provided by independent professional operators for consumers who experience or might experience difficulties with their financial commitments. In the European framework it is considered an effective tool for dealing with over-indebtedness and is already well developed in nine EU countries, including Germany and France. A plurality of reasons makes this topic important in Italy as well: the international debate has directed attention to all the potential benefits of this service and the most recent European initiatives are moving in the direction of introducing measures to facilitate its spread/take-up or even impose its adoption. The paper describes nature and characteristics of debt advice for consumers, illustrating: the activities included; the entities that can provide it and the sources of financing; the current debate and some of Europe’s best practices; the differences between debt advice and the main types of advice to debtors already in existence; and the still limited experiences and some possible perspectives for Italy.

Suggested Citation

  • Diletta Antenucci & Gioia Caldarelli, 2022. "Debt advice for consumers: nature, European debate and implications for Italy," Questioni di Economia e Finanza (Occasional Papers) 740, Bank of Italy, Economic Research and International Relations Area.
    • Handle: RePEc:bdi:opques:qef_740_22
    as

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    File URL: https://www.bancaditalia.it/pubblicazioni/qef/2022-0740/QEF_740_22.pdf
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    More about this item

    Keywords

    debt advice; debt counselling; overindebtness;
    All these keywords.

    JEL classification:

    • D18 - Microeconomics - - Household Behavior - - - Consumer Protection
    • G51 - Financial Economics - - Household Finance - - - Household Savings, Borrowing, Debt, and Wealth
    • I22 - Health, Education, and Welfare - - Education - - - Educational Finance; Financial Aid
    • K10 - Law and Economics - - Basic Areas of Law - - - General (Constitutional Law)

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