The Commission for Financial Capability (CFFC) welcomes government moves to crack down on loan sharks announced today.
“Our community partners work with families every day who are in crippling cycles of debt as a result of the predatory
actions of loan sharks and unscrupulous truck shop operators,” says the Head of the CFFC’s Community Programmes, Peter
Cordtz. “The measures announced by the Prime Minister and Minister of Commerce and Consumer Affairs will go a long way
to restricting the impact of these opportunists on vulnerable families.”
The CFFC runs Sorted financial capability courses in communities and workplaces, often in partnership with other
government agencies that help low-income families.
Cordtz said families targeted by third tier lenders were those who could least afford to take on high-interest debt,
were less likely to be aware of their rights and were often “so consumed by the urgency of now, they feel they have no
“High interest debt traps them in poverty and hinders not only their own future but that of their children. The
government’s action will act as a circuit breaker to help families climb out of debt, as will continuing education about
their rights and how to move forward,” said Cordtz.