'Loan shark' reform Bill deserves a fair go

The Engineering, Printing and Manufacturing Union (EPMU) backs MP Carol Beaumont’s Credit Reform (Responsible Lending) Bill and wants to see National support it too.

“National MPs need to show some fiscal responsibility by supporting this Bill which would help protect those who are most vulnerable to high interest 'loan sharks',” says Bill Newsom, EPMU acting national secretary.

“This is an issue that needs cross party support so that Parliament can send a strong message to those that prey on vulnerable consumers”, he says.

“Many people are already feeling the impact of the recession. The GST increase the government announced last week and the predicted increase in inflation will put further pressure on those with the least.”

“Now is the right time to act before more of the most vulnerable in society fall victim to high interest 'loan sharks'.”

“It is easy to find ‘loan shark’ organisations in some parts of the South Auckland and Porirua areas.”

ENDS

© Scoop Media