Whanganui Chronicle
  • Whanganui Chronicle home
  • Latest news
  • Sport
  • Business
  • Opinion
  • Lifestyle
  • Property
  • Death notices
  • Classifieds

Subscriptions

  • Herald Premium
  • Viva Premium
  • The Listener
  • BusinessDesk

Sections

  • Latest news
  • On The Up
  • Sport
  • Business
  • Opinion
  • Lifestyle
  • Property
    • All Property
    • Residential property listings
  • Rural
    • All Rural
    • Dairy farming
    • Sheep & beef farming
    • Horticulture
    • Animal health
    • Rural business
    • Rural life
    • Rural technology

Locations

  • Taranaki
  • National Park
  • Whakapapa
  • Ohakune
  • Raetihi
  • Taihape
  • Marton
  • Feilding
  • Palmerston North

Media

  • Video
  • Photo galleries
  • Today's Paper - E-Editions
  • Photo sales
  • Classifieds

Weather

  • New Plymouth
  • Whanganui
  • Palmertson North
  • Levin

NZME Network

  • Advertise with NZME
  • OneRoof
  • Driven Car Guide
  • BusinessDesk
  • Newstalk ZB
  • Sunlive
  • ZM
  • The Hits
  • Coast
  • Radio Hauraki
  • The Alternative Commentary Collective
  • Gold
  • Flava
  • iHeart Radio
  • Hokonui
  • Radio Wanaka
  • iHeartCountry New Zealand
  • Restaurant Hub
  • NZME Events

SubscribeSign In
Advertisement
Advertise with NZME.
Home / Whanganui Chronicle

Chester Borrows: Shark net needed to protect vulnerable

By Chester Borrows, MP for Whanganui
Whanganui Chronicle·
28 Jun, 2011 09:43 PM2 mins to read

Subscribe to listen

Access to Herald Premium articles require a Premium subscription. Subscribe now to listen.
Already a subscriber?  Sign in here

Listening to articles is free for open-access content—explore other articles or learn more about text-to-speech.
‌
Save

    Share this article

It's too easy for the unwary to agree to something they don't understand and become trapped beyond their means. LAST week, Commerce and Consumer Affairs Minister Simon Power announced a financial summit would be held to look at ways to tackle unscrupulous credit companies that prey on unwary consumers. This will be held in August and will be a welcome chance to strategise ways to stop this problem.
There are gaps in the system that allow compassionless and dodgy money lenders to take advantage of vulnerable people when it comes to access to consumer finance in these tough economic times. And when that happens it's too easy for the unwary to agree to something they don't understand and become trapped beyond their means.
There are many credit companies that are transparent and responsible. But there are others that aren't. We aren't aiming at specific companies or schemes either, but want to focus on where people have access to funds where disclosure is not immediate and accessible.
While I'll be the first to admit that there needs to be a degree of personal responsibility in the way people manage their finances, some are simply less able to do so well and will get taken for a ride by any smooth-talking loan shark.
It's important that we spark a conversation across the Whanganui electorate and the country that wakes people up to this. The summit plans to culminate in an action plan that has initiatives to help vulnerable people trapped in a debt spiral caused by lack of financial literacy, consumer choice and high, compounding interest rates.
We need to send a clear message to all financial sector providers - from the bigger and more mainstream ones to the small, third-tier ones - that they all need to practise and commit to responsible lending and responsible consumer debt management. The summit will also provide the forum to decide on a clear direction about how the Government can best contribute to improving the financial literacy of New Zealanders.
The question will be whether the Credit Contracts and Consumer Finance Act needs to be amended to provide more protection for consumers - including from irresponsible lending - or whether the same outcomes can be obtained from voluntary industry initiatives.
Here's to fending off those loan sharks.

Advertisement
Advertise with NZME.
Advertisement
Advertise with NZME.
Save

    Share this article

Latest from Whanganui Chronicle

Whanganui Chronicle

Earthquakes every six to seven minutes detected under Mt Ruapehu

08 Jul 10:48 PM
Whanganui Chronicle

'Serious shortcomings' in pilot academy management and systems - authority

08 Jul 06:00 PM
Whanganui Chronicle

Health NZ stops funds for Fit for Surgery programme

08 Jul 05:01 PM

From early mornings to easy living

sponsored
Advertisement
Advertise with NZME.

Latest from Whanganui Chronicle

Earthquakes every six to seven minutes detected under Mt Ruapehu

Earthquakes every six to seven minutes detected under Mt Ruapehu

08 Jul 10:48 PM

Volcanic tremor remains low; Mt Ruapehu is at Volcanic Alert Level 1.

'Serious shortcomings' in pilot academy management and systems - authority

'Serious shortcomings' in pilot academy management and systems - authority

08 Jul 06:00 PM
Health NZ stops funds for Fit for Surgery programme

Health NZ stops funds for Fit for Surgery programme

08 Jul 05:01 PM
'The truth will come out': Scott Guy's parents speak 15 years after unsolved murder

'The truth will come out': Scott Guy's parents speak 15 years after unsolved murder

08 Jul 09:03 AM
Solar bat monitors uncover secrets of Auckland’s night sky
sponsored

Solar bat monitors uncover secrets of Auckland’s night sky

NZ Herald
  • About NZ Herald
  • Meet the journalists
  • Newsletters
  • Classifieds
  • Help & support
  • Contact us
  • House rules
  • Privacy Policy
  • Terms of use
  • Competition terms & conditions
  • Our use of AI
Subscriber Services
  • Whanganui Chronicle e-edition
  • Manage your print subscription
  • Manage your digital subscription
  • Subscribe to Herald Premium
  • Subscribe to the Whanganui Chronicle
  • Gift a subscription
  • Subscriber FAQs
  • Subscription terms & conditions
  • Promotions and subscriber benefits
NZME Network
  • Whanganui Chronicle
  • The New Zealand Herald
  • The Northland Age
  • The Northern Advocate
  • Waikato Herald
  • Bay of Plenty Times
  • Rotorua Daily Post
  • Hawke's Bay Today
  • Viva
  • NZ Listener
  • Newstalk ZB
  • BusinessDesk
  • OneRoof
  • Driven Car Guide
  • iHeart Radio
  • Restaurant Hub
NZME
  • NZME Events
  • About NZME
  • NZME careers
  • Advertise with NZME
  • Digital self-service advertising
  • Book your classified ad
  • Photo sales
  • © Copyright 2025 NZME Publishing Limited
TOP