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No Way Out for Low-Income Families in Debt

No Way Out for Low-Income Families in Debt

New Zealand First wants to see better safeguards for low income families trapped by debt, says Spokesperson for Social Policy/Welfare Le’aufa’amulia Asenati Lole-Taylor.

“There is an emerging debt society in New Zealand where thousands of people are being held to ransom by the high cost of living, low incomes, and easy access to money through credit cards and loan sharks,” says Mrs Lole-Taylor.

The Child Action Poverty Group recently identified human rights issues around the laws and policies for consumer credit.

“There is not enough protection for vulnerable families trapped in debt by exorbitant interest rates.

“We must be aware of wider problems caused by debt. It impacts on children in various ways, and people who feel trapped can be pushed into dark places.
“We cannot simply discount this problem as people being irresponsible with their finances.

“For many low-income families barely able to pay for food, electricity and rent, there is often no other option but to borrow to pay for an unexpected expense, such as repairs to a car.

“Often they are unable to make repayments and they are locked into a downward spiral of debt, and for some mental depression, says Mrs Lole-Taylor.

ENDS

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