Minister opens consumer credit forum

Consumer Affairs Minister Craig Foss is hosting the 2013 Consumer Credit and Financial Literacy forum in Auckland today.

Representatives from budgeting services, banks, dispute resolution services and community organisations have gathered at the Otara Community Hall to discuss consumer credit issues.

“I would like to thank everyone for their constructive contributions to a discussion about consumer credit and financial literacy. Today’s forum provides an excellent opportunity to hear from those on the front line dealing with the broad range of challenges,” says Mr Foss.

The forum is being chaired by Retirement Commissioner Diane Maxwell and has a strong financial literacy focus.

“Being financially literate means borrowing at an interest rate that you can afford, understanding the potential risks inherent in any financial commitment and learning how to make money work for you, rather than against you.

“It is about knowing where to go for help, having the confidence to ask the right questions to make sound choices when buying goods or entering into contracts, and how best to manage the impact of those decisions it.

“It is also about breaking down complex, technical information to keep the messages clear and easy to understand and facilitating fair and transparent markets for credit.

"Much of the debate today is focusing on credit challenges and legislative reform. However it is also encouraging to hear from people who have benefited from financial literacy initiates and worked with community organisations to get their financial affairs in order," says Mr Foss.

Mr Foss would like to acknowledge and thank all involved for sharing their perspectives on consumer law reforms, money lending and financial literacy.