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

Hager Revelations: Inquiry Into NZSIS Release Of Goff Docs

The Inspector-General of Intelligence and Security (IGIS), Cheryl Gwyn, announced today that she would be instituting an inquiry concerning allegations that the New Zealand Security Intelligence Service (NZSIS) might have released official information to Mr Cameron Slater, regarding briefings provided to the then Leader of the Opposition, for political purposes...

“I am satisfied there is a sufficient public interest justifying the commencement of an own-motion inquiry into the substance of the issues raised with my Office,” said Ms Gwyn. More>>

Goff: Director’s Letter Contradicts Key’s Claims

At yesterday’s media standup, when asked on the topic John Key said ‘I wasn’t told’...
“In a letter dated November 2011 former SIS director Warren Tucker states three times that ‘in accordance with the usual practice of keeping the minister informed’ the Prime Minister had been told. More>>


 

Parliament Today:

Electionresults.co.nz: National and NZ First Rise in Roy Morgan Poll

National has bounced back in the latest Roy Morgan Poll but the big winner has been New Zealand First who rise to their highest level of support since September 2013. More>>

ALSO:

Fish Pun Warning: By Hoki! It’s Labour’s Fisheries Policy

A Labour Government will protect the iconic Kiwi tradition of fishing by improving access to the coast, protecting the rights of recreational fishers and reviewing snapper restrictions, Labour’s Fisheries spokesperson Damien O’Connor says. More>>

ALSO:

It's Official: Governor General Gives Direction To Conduct Election

The Governor General has signed the writ directing the Electoral Commission to conduct the General Election on 20 September 2014. This is the formal authority to run the 2014 election, and enables candidate nominations to open tomorrow Thursday 21 August 2014. More>>

Gordon Campbell: No More Mr Nice Guy

When future historians seek to identify the exact moment when the prime ministerial career of John Key hit the downward slope, they may well point to Key’s interview yesterday with Guyon Espiner on RNZ’s Morning Report. More>>

ALSO:

Dirty (Politics) Weekend: Collins’ Admission Reason For Key To Act

"Despite claiming that the evidence about her in Nicky Hager's book was ‘false’ Judith Collins has now been forced to admit that she did send information about a Ministerial Services staff member to Cameron Slater for him to use in a baseless smear campaign. More>>

ALSO:

Potential Disasters: Underground Coal Fire On Denniston Plateau

Forest & Bird says one or more coal fires have broken out beneath the Denniston Plateau, and that the Department of Conservation (DOC) must stop Bathurst Resources’ preparatory mining work going on there until the fire or fires are extinguished. More>>

ALSO:

Bikes: Nats Plan $100 Million For Urban Cycleways

Prime Minister John Key has today announced $100 million in new funding will be made available over the next four years to accelerate cycleways in urban centres. More>>

ALSO:

New Tax Bracket, Child Poverty Fund: Greens Launch Billion Dollar Plan To Reduce Child Poverty

The Green Party has launched a billion dollar package to significantly reduce child poverty in New Zealand. The details of the plan were released at the party’s campaign launch in Auckland. More>>

ALSO:

Get More From Scoop

 

LATEST HEADLINES

 
 
 
 
 
 
 
 
Parliament
Search Scoop  
 
 
Powered by Vodafone
NZ independent news