Take Action

Endorse the open letter to Minister Shorten   Sign up for campaign updates

Show your support for change to end the debt trap.

In late August, the Minister for Financial Services and Superannuation Bill Shorten released draft legislation to limit the charges that can be made on short term, low value credit (See further details on the proposals.).

It was warmly greeted by consumer groups.

While the draft legislation will not impose a 48% interest rate cap as called for by consumer groups,  it will significantly reduce the total costs of  loans to consumers and make it harder to continually rollover the loans as debt builds up. It will protect vulnerable consumers who find themselves in debt traps through use of payday loans.

Payday lenders are furious and are mobilizing to fight these reforms – their profits are a stake and they have already come out fighting.

Welfare and consumer organisations see the harm caused by payday lending; please demonstrate your broad support for the reforms.

What you can do: community organisations

Many large and small community agencies have already endorsed an open letter to Minister Shorten in supporting the government’s proposed regulation of high-cost, short-term loans.

We invite community organisations to send a brief paragraph outlining why you support the regulation of payday lenders, together with your logo. Email info [at] consumeraction.org.au or click on the button below.

Endorse the open letter to Minister Shorten

What you can do: everyone

Show your ongoing support by signing up to receive campaign updates (top right of this page).

 

Discuss: “Take Action”

  1. February 15, 2012 at 8:21 am #

    It is disgusting to see these predators engage in such practices in targeting people who are already desperately seeking assistance for a financial situation. The stress that these people are under would be enormous and it is unjust to be treating people in this manner. Most of all it is not Australian culture and we need to band together as leaders in this and ensure that this treatment does not go on. Totally unacceptable. More options need to be available and extended to the middle income earner bracket also. People do not necessarily have to be Centrelink recipients to be doing it tough and in need of some help.

    Posted by Marian Trinick

Leave a Reply

Featuring Recent Posts WordPress Widget development by YD