The Act requires lenders to act responsibly and helps protect you if you borrow money or buy products/services on credit, for personal use.
Note: AfterPay, PartPay and other 'buy now, pay later' credit contracts are currently NOT covered by the Act.
To help protect New Zealanders from spiralling debt inflicted by huge interest rates and/or fees.
In 2017, the Minister of Commerce and Consumer Affairs, Kris Faafoi, requested a review of the previous government’s amendments to the CCCFA. As a result of the 2018 review, new legislation is being drafted.
The following information is from the Ministry of Business, Innovation and Employment (MBIE) website - as of 10/4/2019:
Some say they don’t … New Zealand budget advisory charity, FinCap, is calling for tighter regulation. FinCap says without an interest rate cap (as well as a cost of credit cap), changes to the CCCFA will be almost meaningless. See related FinCap PDF
To help identify lenders breaching the Act, the Commerce Commission welcomes information from the public. Learn more: https://comcom.govt.nz/make-a-complaint
Do you have High-interest Debt?
To help you pay off short-term, high-interest debt faster, Love My Money has simple yet powerful online tools, calculators and Journeys, including the ‘Get on Top of Short-term Debt’ Journey.
Find out how you can have a better relationship with your money: