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THREAD - Today @choiceaustralia has awarded @HarveyNormanAU a Shonky for award for their toxic partnership with @latitude_fs.
Here's why...
Here's why...
While the cash rate is at an historic low of 0.10%, Harvey Norman sells one of the most expensive credit cards in Australia at 22.74%.
This skyrockets to 25.90% on outstanding balances.
There’s no justification for cards this expensive.
This skyrockets to 25.90% on outstanding balances.
There’s no justification for cards this expensive.
Retailers like Norman Norman have long relied on a legal loophole that means they don’t have to do any checks to ensure that credit sold to people is suitable.
The #BankingRC called out this loophole
The #BankingRC called out this loophole
One shocking example was between 2014 and 2016, when Harvey Norman in Alice Springs targeted Indigenous customers, falsified financial information and signed hundreds of people up to credit cards. https://www.afr.com/rear-window/harvey-norman-in-indigenous-debt-scandal-20190911-p52q70
The Govt has announced plans to axe fair lending laws.
If the Govt goes ahead with its plans to gut the credit laws, these kinds of toxic partnerships will become the norm and will send our country into a #DebtDisaster.
@adele_ferguson explains why - https://www.smh.com.au/business/banking-and-finance/the-government-s-move-to-trash-lending-rules-during-a-recession-is-a-recipe-for-disaster-20200925-p55z7j.html
If the Govt goes ahead with its plans to gut the credit laws, these kinds of toxic partnerships will become the norm and will send our country into a #DebtDisaster.
@adele_ferguson explains why - https://www.smh.com.au/business/banking-and-finance/the-government-s-move-to-trash-lending-rules-during-a-recession-is-a-recipe-for-disaster-20200925-p55z7j.html
Join the campaign to #StopTheDebtDisaster and write to your state Senators, telling them we need stronger, not weaker lending laws during a global pandemic. https://action.choice.com.au/page/68132/action/1?locale=en-AU
