National should shoot loan sharks out of the water

Finsec has written to John Key asking him to shoot loan sharks out the water by supporting the Credit Reform (Responsible Lending) Bill.  General Secretary Andrew Casidy said that the National Government was developing a negative record of siding with banks and financial institutions rather than with customers. “There’s a growing list – not improving consumer protections, failing to re-regulate the banking sector, a limited response to finance sector failures, and not participating in the banking inquiry.”

“National can redeem themselves a little by supporting Carol Beaumont’s bill to limit the interest rates that our worst loan sharks charge,” said Casidy. “After all, these companies prey on very low income earners who can least afford the huge interest rates they charge.”

“John Key has criticised credit card interest rates of 22% – yet some of the providers who would be covered by this bill are charging rates of 180% and I recently heard of one case where it was 780% a year.  This type of exploitation has to stop.”

“New Zealand is also out of step with the rest of the world – interest rate restrictions apply in Japan, and many countries in Europe, Africa and South America. Caps are either being implemented or proposed in most of Australia, and in Canada, the USA and UK.”

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