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

Gordon Campbell:
On The Inquiry Into One Case Of Dirty Politics

Suddenly, we’re awash in inquiries and reviews. (It feels almost as if the Greens won the last election.) Caught out by the damning inquiry by SIS Inspector-General Cheryl Gwyn, the government’s response yesterday was utterly in character – it released two other major reports at the same time to try and distract public attention...

Inquiries are supposed to re-assure the public. What these inquiry outcomes share in common is a government culture of zero responsibility. More>>

IGIS: Statement On Early Report Release

As the Inspector-General stated at the release of the report yesterday morning, she is examining what steps to take over the early disclosure of information from the report... Ms Gwyn said that she was aware of Mr Goff's subsequent statements that he had disclosed some information concerning findings in the report. She will be seeking further information from Mr Goff and others. More>>

ALSO:

IGIS ON SIS:

 
 

Parliament Today:

Temporary Release Crackdown Continues: Corrections Review Of Phillip Smith Case

“The review by Corrections’ Chief Custodial Officer reveals that the plan for Smith’s series of temporary releases was overly ambitious and misinformed. He’s a highly manipulative and deceptive person who although technically eligible, should not have been considered for temporary release." More>>

ALSO:

White Ribbon Day: Govt Resumes Sexual Violence Trial Proceedings Work

Justice Minister Amy Adams has asked the Law Commission to resume work on proposals for better supporting victims of sexual violence through the criminal process. The Law Commission will revisit its previous work on alternative pre-trial and trial processes to identify options for improving complainants’ experience in court. More>>

ALSO:

"New Faces, Wise Heads": Andrew Little Announces New Labour Line Up

Labour Leader Andrew Little today announced a bold new caucus line up which brings forward new talent and draws on the party’s depth of experience. More>>

ALSO:

Gordon Campbell: On Rick Ellis As Te Papa’s New CEO

The recent appointment of former TVNZ boss Rick Ellis to head Te Papa has copped a fair bit of criticism. Much of it has been inspired by the suspicion that Ellis has been hired to pursue the same purely commercial goals as he did at TVNZ, while similarly neglecting the serious cultural side of his mandate. More>>

Passport Cancellation, Surveillance: Draft 'Foreign Fighters Legislation' Released

The final draft of the Countering Terrorist Fighters Legislation Bill contains proposals previously announced by Mr Key in a major national security speech earlier this month. More>>

ALSO:

Related

Joint Statement: Establishment Of NZ-China Strategic Partnership

At the invitation of Governor-General Lt Gen The Rt Hon Sir Jerry Mateparae and Prime Minister The Rt Hon John Key of New Zealand, President Xi Jinping of the People’s Republic of China made a state visit to New Zealand from 19 to 21 November 2014... More>>

ALSO:

Savings Targets: Health Procurement Plan Changes Direction

Next steps in implementing DHB shared services programme Health Minister Jonathan Coleman says the Government has agreed to explore a proposal put forward by DHBs to move implementation of the shared services programme to a DHB-owned vehicle. More>>

ALSO:

More on Health Policy:

Get More From Scoop

 

LATEST HEADLINES

 
 
 
 
 
 
 
 
Parliament
Search Scoop  
 
 
Powered by Vodafone
NZ independent news