Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search

 

Community Law Welcomes Interest Rate Cap

September 3, 2019


Today’s announcement that the Government will introduce an interest rate cap to control high-interest lending will help vulnerable New Zealanders avoid crippling debt, according to Community Law.

“Short-term, high interest loans are the gateway drug for a lifetime of dependency on high debt and today’s announcement means companies offering these services will have to change that business model,” says Community Law Centres o Aotearoa Chief Executive, Sue Moroney.

“For the people we see at Community Law Centres throughout New Zealand as we support them deal with the legal issues involved in their crippling debt, this change can’t come soon enough,”

Community Law Centres o Aotearoa was one of many organisations that joined the call for an interest rate cap, led by FinCap.

Moroney says the decision will require Work and Income to ensure their clients are getting access to the correct allowances to help them in times of extreme financial stress and will also lead to more cost-effective, ethical services being developed.

“We congratulate Minister Faafoi and the Government for listening to submissions like ours at the select committee and responding to the need. It shows the importance of democratic participation by organisations working on the frontline.”
ends


© Scoop Media

 
 
 
Business Headlines | Sci-Tech Headlines

 

SMC Expert Reaction: Record Dry Spells And Effects On Forests

With no rain forecast before Sunday, Auckland is about to break a record for the city's longest dry spell. Niwa says Auckland is likely to hit 40 consecutive days without rain this weekend . The upper North Island is seeing severe meterological ... More>>

ALSO:

Reserve Bank: Official Cash Rate Remains At 1.0 Percent

The Monetary Policy Committee has decided to keep the Official Cash Rate (OCR) at 1.0 percent. Employment is at or slightly above its maximum sustainable level while consumer price inflation is close to the 2 percent mid-point of our target range. ... More>>

ALSO:

Research: Climate Change Throws Tree Seeding Out Of Sync – New Study

Climate change is negatively affecting tree reproduction by throwing seed production systems out of synchronisation, according to a new international study co-authored by a University of Canterbury scientist. Many tree species worldwide produce large ... More>>

ALSO:


Science Media Centre: Novel Coronavirus Detected In China – Expert Reaction

The virus was detected after more than 40 people were hospitalised with pneumonia in Wuhan City, China and the outbreak traced to a large animal and seafood market. The Centers for Disease Control and Prevention reports that person-to-person transmission ... More>>

ALSO:

Science Media Centre: Flooding could release toxic gas – Expert Reaction

A chemical substance known as ouvea premix stored at an old paper mill in Mataura could release toxic ammonia gas if it comes in contact with water.More>>

ALSO: