This is a transcript of text in the video titled "What does buying goods and services on credit mean for me?"
Have you ever bought something in-store or online using short-term credit?
This can mean paying in full later or by instalments over a short period of time.
Buying things in this way is the same as using a loan, even when no interest is charged.
You might be offered a form of credit in department stores, car dealerships or online to pay for
goods and services.
Examples include hire-purchase, personal contract plans, consumer hire and buy now pay later.
Regardless of what you are buying, you should think about whether these types of credit are right
for your needs.
These credit agreements can include additional fees for administration or missed payments.
And if the loan is for €500 or more, the credit provider must submit this information to the
Central Credit Register.
Central Bank of Ireland is now regulating short-term credit.
Firms must ensure that any credit offered to you is suitable for your needs.
They must also provide you with information to make an informed choice.