finPOWER Connect Newsletter
As we are all aware in New Zealand the Commerce Commission is the watchdog for the CCCFA and in a proactive move they have released an educational online survey for Consumers about their rights and options, when borrowing money. This survey is timed to coincide with Money Week that runs from 13th to 19th October.
As part of Money Week 2014, the Commerce Commission is encouraging consumers to learn more about their rights and what they can do if things go wrong when borrowing money and buying goods on credit.
To help consumers increase their awareness and understanding of how to avoid problems when borrowing money or buying goods on credit, the Commission has created an online quiz that takes them through the most common problems faced by borrowers in dealing with lenders.
The quiz covers a range of topics about consumer credit including interest rates, cancellation of a contract, fees, and hardship. Brief explanations are given for each question with links to further information and guidance.
Commerce Commission Competition General Manager, Kate Morrison, says the Commission believes being familiar with common credit contract issues will benefit consumers.
“Learning more about credit issues will help consumers get a good deal that is suited to their personal financial situation. It is also important consumers understand their rights and obligations when considering a credit contract, and are aware of what options are available to them if something goes wrong,” said Ms Morrison.
Money Week runs from 13–19 October and is organised by the Commission for Financial Literacy and Retirement Income, and encourages New Zealanders to take charge of their finances.
Go to http://www.comcom.govt.nz/consumer-credit/money-week to take the Commission’s Money Week quiz.