Commerce Commission creates credit quiz for Money Week

Commerce Commission creates credit quiz for Money Week

As part of Money Week 2014, the Commerce Commission is encouraging consumers to learn more about their rights and what they can do if things go wrong when borrowing money and buying goods on credit.

Most New Zealanders will sign a credit contract at some point in their lives, for example, when taking out a loan to buy a car, joining a gym on a contract or buying a television on hire purchase. So, it is important that consumers understand that they have both rights and obligations before signing a contract.

To help consumers increase their awareness and understanding of how to avoid problems when borrowing money or buying goods on credit, the Commission has created an online quiz that takes them through the most common problems faced by borrowers in dealing with lenders.

The quiz covers a range of topics about consumer credit including interest rates, cancellation of a contract, fees, and hardship. Brief explanations are given for each question with links to further information and guidance.

Commerce Commission Competition General Manager, Kate Morrison, says the Commission believes being familiar with common credit contract issues will benefit consumers.

“Learning more about credit issues will help consumers get a good deal that is suited to their personal financial situation. It is also important consumers understand their rights and obligations when considering a credit contract, and are aware of what options are available to them if something goes wrong,” said Ms Morrison.

Money Week runs from 13–19 October and is organised by the Commission for Financial Literacy and Retirement Income, and encourages New Zealanders to take charge of their finances.

Go to www.comcom.govt.nz/consumer-credit/money-week to take the Commission’s Money Week quiz.

For information on how to better manage personal finances, visit the official Money Week websitewww.moneyweek.org.nz or www.sorted.org.nz.

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