Gordon Campbell | Parliament TV | Parliament Today | Video | Questions Of the Day | Search

 


Credit Card Interest Rates Need Pruning

Credit Card Interest Rates Need Pruning

New Zealand First is calling on banks and credit card companies to slash their annual interest rates which are nearing 20 per cent.

The call comes as New Zealanders start to receive with trepidation their credit card bills for the Christmas holiday period and they realise the huge interest charges they face if their bill isn’t paid in full.

Last year New Zealanders paid about $638 million in interest on credit card debt in the year to July 2012.

Commerce spokesperson Andrew Williams says these charges can place a huge burden on hard working families and individuals.

“It is high time our banks and credit card companies gave New Zealanders a break and dropped interest charges significantly.

“With the official cash rate at only 2.5 per cent, and with home mortgage interest rates at record low levels, there is no excuse for the banks to continue to gouge high double digit interest rates on credit cards.

“The banks are siphoning off huge profits, much of it taken offshore, at a high cost to New Zealanders and our economy.

“They are creaming it off the top and we deserve better from all financial institutions offering credit card facilities,” says Mr Williams.

New Zealand First has conducted checks on interest rates offered in many other countries and found that New Zealand is at the highest end.

“The European Central Bank reveals that average credit card charges in Nov 2012 were 8.89 per cent in Finland, 8.43 per cent in Slovenia, 13.03 per cent in the Netherlands, and 14.67 per cent in Germany.

“If these economies can operate with interest rates at these levels, why can’t we get considerably lower interest rates for credit cards here in our country?,” says Mr Williams.

ENDS


© Scoop Media

 
 
 
 
 
Parliament Headlines | Politics Headlines | Regional Headlines

 

PARLIAMENT TODAY:

Labour: Cash For Charter Schools, Mould For State Schools

“Recently released financial statements show the Whangarei charter school He Puna Marama received $3.9 million in government funding to the end of last year. Yet their audited accounts show they only spent $1.4 million on education, leaving almost $2.5 million over two years unaccounted for." More>>

ALSO:

Kiwirail Plans Shift From Electric: National Urged Not To Take Backwards Step

The National Government shouldn’t drag New Zealand backwards by replacing its climate friendly electric trains with carbon-polluting diesel trains, the Green Party said today. More>>

ALSO:

Capital Connection:

Harmful Digital Communication Bill Passes: Focus Must Be On Education

InternetNZ acknowledges the passage of the Harmful Digital Communications Bill into law this afternoon, and says that the sooner the education efforts at the heart of the legislation start, the better... More>>

ALSO:

3-Year Transport Plan: No Plans On Six Northland-Election Bridges

The Transport Authority’s decision to fund only four of the 10 bridges promised in National’s shameless Northland by-election bribe is a huge embarrassment for Transport Minister Simon Bridges, Labour’s Transport spokesperson Phil Twyford says. More>>

ALSO:

Gaza Blockade: Māori TV Crew Returning Safely From Israel

A Māori Television crew will be flown back from Israel after their boat was detained by the Israeli Navy while attempting to break the Gaza blockade. More>>

ALSO:

Family Violence: Increasing Reporting But Fewer Resolutions

“We are aware the Police have embarked on a significant programme of change in how they respond to family violence. The data suggests that adequate resourcing including investing in staff training, support and culture change will be required for this to be effective.” More>>

ALSO:

Health: NZ Children Still Suffer Rickets From Lack Of Vitamin D

Vitamin D deficiency continues to cause rickets in young New Zealanders, new University of Otago research has found. The researchers say that their finding suggests that at-risk mothers and children should be better targeted for Vitamin D supplementation. More>>

Also GPs, Housing, Milk: PM Press Conference On The UN Security Council

In a press conference today the Prime Minister discussed the upcoming appointment of New Zealand to chair the UN Security Council. He said they would put pressure Asad in Syria and attempt to “jump start” negotiations between Israel and Palestine. More>>

ALSO:

Housing: State Houses Could Sell To Overseas Groups

Bill English’s admission that he would sell hundreds of New Zealand’s state houses to the Australians is the latest lurch in the Government’s stumbling, half-baked housing policy, Labour’s housing spokesperson Phil Twyford says. More>>

ALSO:

AND:

Get More From Scoop

 

LATEST HEADLINES

 
 
 
 
 
 
 
 
 
Parliament
Search Scoop  
 
 
Powered by Vodafone
NZ independent news