28 Jun 2018

Budgeting services hopeful with measures to tackle loan sharks

From Morning Report, 8:25 am on 28 June 2018

Budgeting services say they are hopeful new government measures could finally leave loan sharks stranded on dry land. Each year, about 60,000 people go to budgeting services around the country for help, with an average debt of $10,000. Officials have told Consumer Affairs Minister Kris Faafoi options to clamp down on predatory lending could include caps on interest rates and fees and a tougher registration regime for lenders. Adrienne Gallie is an adviser with the Howick and Pakuranga Budgeting Service.