|Sign up now!|
Financial Resilience Tested: Evidence of Tough Times Nationwide as Thousands Flock to Payday Lending and Debt Help Guides
MoneyHub, the popular financial comparison website, is seeing an increasing number of visitors flock its ‘debt help’ resource and ‘least worst payday loan’ guide, indicating general financial resilience is being challenged by unrestricted access to high-cost finance.
MoneyHub senior researcher Christopher Walsh said: “We appreciate that our Google positions continue to increase across the board, but negating this we are seeing thousands of financially stressed New Zealanders spend a significant amount of time reading debt and payday lending guides every month in an effort to understand their options”.
“We especially see a lot of interest in payday loans information during Thursday and Friday evenings, indicating salaries and wages are not sufficient to meet the needs a number of New Zealanders. Our payday loan guide has become so popular that a number of payday loan companies have relentlessly contacted our team in the hope of being included”.
“While MoneyHub is increasingly being used as a trusted guide for investing products, insurance and credit cards, vulnerable groups with less access to the right financial products are inevitably taking desperate measures when it comes to meeting their immediate financial needs”.
“The New Zealand economy is unfortunately offering a growing group of people a bad combination - limited wage growth, higher living costs and limited access to appropriate financial products. Payday loans and other high-interest debt offers quick relief but often at a long-term cost”.
“The government is still yet to legislate on maximum interest rates for payday lending like Australia and the United Kingdom has done, exposing the most vulnerable people to very destructive credit contracts”.
“With a growing number of New Zealanders experiencing some form of financial stress, we applaud the Commission for Financial Capability for identifying the growing need for Financial Resilience and dedicating the upcoming Money Week 2018 to this issue. MoneyHub insists the government legislate on interest rates and terms of high-interest loans as a priority”.
More: Payday Loans and Debt Help