The President of the Polish competition authority, Tomasz Chróstny, has issued a warning to consumers regarding financial decisions in the lead-up to the holiday season and New Year. He emphasizes the importance of being cautious with offers such as deferred payments, quick loans, and 'free credit' that may appear appealing but often come with hidden costs.

Chróstny points out that every credit option, even those labeled as 'free', carries a cost, whether embedded in the product price or in additional services. He advises consumers to thoroughly check, read, and compare offers before making financial commitments.

As the year-end approaches, consumers tend to increase their spending, not only for holiday preparations and gifts but also for other plans. The intense advertising campaigns during this period can tempt consumers to finance their celebrations through credit, which can lead to financial strain. Quick loans, while convenient, often come with high costs, particularly in the credit card market, where expensive credit options are increasingly offered by lending institutions.

Chróstny urges consumers to reflect on the necessity of taking out loans and to ensure that their financial decisions are well thought out and planned. He warns that emotional purchasing can lead to regret when the financial burden of repayments sets in.

Additionally, he highlights the risks associated with deferred payments, which can encourage unnecessary purchases. Consumers should be wary of additional services offered alongside loans, such as insurance or medical care, and ensure that these are genuinely necessary. If a loan agreement does not clearly state that additional services are required, consumers are not obligated to accept them.

Consumers should also be cautious of non-standard financial products that may be presented as alternatives to traditional loans. If they find themselves in a situation where a loan is no longer needed or the terms are unfavorable, they have the right to withdraw from the agreement within 14 days. It is crucial to confirm that this withdrawal applies to any additional agreements as well.

The President of UOKiK continues to monitor business practices and can impose fines of up to 10% of a company's turnover for practices that violate collective consumer interests.