AAP General News (Australia)
12-11-2006
SA: Consumers warned on Christmas loans
People are being urged to avoid some short-term loans over Christmas .. which could
slug them interest rates as high as 420 per cent.
South Australian Consumer Affairs Minister JENNIFER RANKINE says buying presents with
high-interest loans could make this the most expensive Christmas ever for some families.
Ms RANKINE says people want to be generous .. but doing it on credit or borrowing from
a high interest finance lender can be a financial trap.
Ms RANKINE also says there's an influx of complaints against businesses that failed
to provide goods or services .. paid for in advance.
In one case a consumer paid 17 thousand dollars for computer equipment that was never
supplied .. while an elderly woman paid eight thousand dollars upfront for a roof restoration
.. never to see the tradesman again.
AAP RTV tjd/cp/bart
KEYWORD: XMAS LOANS (ADELAIDE)
2006 AAP Information Services Pty Limited (AAP) or its Licensors.
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