Public financial literacy campaign
Consumer affairs minister Simon Bridges hopes a new campaign around borrowing money will leave people better off when it comes to knowing their rights.
The joint Consumer Affairs / Family Budgeting Services campaign began today, aiming to ensure consumers know their rights when borrowing money.
Mr Bridges says all financial providers are obliged to belong to an independent dispute resolution scheme.
“However, some people may be unsure of their rights or find the complaints process intimidating or overwhelming.
"It may seem like too much when you are already facing financial or other family hardships.”
The government intends to introduce the Credit Contracts and Consumer Finance Amendment Bill in coming months, which will include guidelines on responsible lending.
Family Budgeting ceo Raewyn Fox says a typical client usually reduces debt from $32,000 to $20,000 in two years.