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Store cards exploit customers - Stunell

February 4, 2003 12:00 AM

Local MP Andrew Stunell is backing moves in Parliament to encourage retailers to cut interest rates on store cards.

Mr Stunell said "Many store cards charge exorbitant rates of interest, often as much as 6 times the base rate and twice that charged by regular credit cards. Loyal customers are being given the hard sell and are not being fully informed about what they are signing up to."

"The Minister of Trade must make a real effort put a stop to this exploitation. Many local residents having been left with shocking levels of debt as a result of this very expensive means of borrowing.

"Its high time people knew exactly what they are getting into when they borrow from a store. The Government must increase awareness of the cost of this sort of credit and send the signal to retailers that it's just not acceptable."

ENDS

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