Scoop has an Ethical Paywall
Child Poverty Action Group Supports Beaumont Bill
Child Poverty Action Group Supports Beaumont Bill
CPAG totally supports Carol Beaumont’s bill to regulate fringe lenders. (The Credit Finances (Responsible Lending) Bill).
Loan sharks’ charging outrageous interest rates is one of the cruelest aspects of an unregulated lending sector. Loan sharks are expert at preying on vulnerable families. As the ongoing effects of the recession continue to bite and households struggle to meet every day bills, these sharks are enjoying a feeding frenzy!
“Capping interest rates at a reasonable level and ensuring lenders follow ethical lending practices would be significant steps in halting this widespread problem. Currently, legally, loan sharks are charging 60% to 600% interest and more. These obscene practices impact hugely on our poorest children. “Said Dr Claire Dale CPAG’s Economics spokesperson.
“New Zealand lags way behind other countries in setting in place regulations to deal with these loan sharks. Parliament now has a real opportunity to step up and provide real protection for borrowers who are forced into these unsustainable loans. Child Poverty Action Group urges every MP to support this Bill.”
ENDS
Gordon Campbell: On Pauline Hanson’s Rise, And The TOP Renaissance
New Zealand Alliance Party: Alliance Party Firmly Opposes “Backdoor Privatisation” Of Kiwibank
Taxpayers' Union: New Poll - Coalition Still Ahead; Luxon Regains 'Preferred Prime Minister' Top-Spot
NZ National Party: Judith Collins’ Valedictory Speech
Forest And Bird: Government Biodiversity Credit Scheme Welcomed As Opportunity For Restoration
Office of the Ombudsman: Ombudsman Publishes Findings On Ministry Of Education Sensitive Claims Scheme
Nelson City Council: Mayor Welcomes Auditor-General Decision Not To Prosecute Councillor
