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Norway to limit consumer credit marketing

The Norwegian government said it will impose new restrictions on advertising credit cards and other high-interest loans to protect consumers, Reuters reported April 4.

The measures will restrict aggressive marketing and include a centralized debt register that allows lenders to assess a person's debt position. The new rules will also require banks to keep borrowers informed of the size of their liabilities, the newswire noted.

Some consumer advocates had suggested banning consumer credit marketing altogether.

The government's initiative follows a 15% growth in high-interest consumer debt in 2016 reported by Norway's banking industry regulator, which has proposed placing caps on household borrowing.