The credit industry has criticised the Consumer Credit Act 1974, claiming that it is outdated and biased towards consumers and consumer groups.

In the light of the above statement, critically assess this assertion with reference to primary and secondary sources.

You may address aspects which include the following:

• Consider the application of section 75.
• Consider the position prior to the establishment of the Act.
• Consider the reason for establishing the CCA and aspects relating to creditor's liability which have proved difficult to interpret.
• Assess the different cases on creditor's liability and how they have influenced the development of the statute.
• Consider whether the law offers protection for debtors and how the law balances the interest of creditors.