December 17, 2018
Christmas cracker has nasty pop
A major retailer is being called out for an easy credit offer for Christmas spending.
Peter Cordtz, the community programmes manager at the Commission for Financial Capability, says he got a flyer in his letterbox with the "entertain now, pay later" offer.
He says the 90-day interest-free credit offer came from a well known variety store card and applied to several supermarket chains.
"These aren’t the sort of outfits that have been part of (Consumer Affairs) Minister Kris Faafoi’s crusade against third tier operators, the truck shops, the loan sharks, all the rest of it. These are mainstream and they’re offering 90-day terms interest free. At the end of it though the fine point’s really clear – 25.5 percent for your Christmas ham," Mr Cordtz says.
One in four New Zealanders felt pressure from their family or community to spend more on Christmas than they would like to or could afford, with younger people aged 18 to 34, and Māori and Pasifika particularly vulnerable.
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