Borrowers being given loans they can't handle, budgeters say123RF People who can't afford to borrow are being sent unsolicited offers. Budgeters working with struggling New Zealanders say laws designed to protect borrowers are not working. TURHAN YALIN/123RF Lenders are relying too much on what borrowers tell them when determining whether people can afford loans, advisers say. "People are struggling, and not only those on low incomes - people on wages that should be enough, but they have five or six finance loans. A family with two small incomes had six finance company loans accruing interest between 26 per cent and 35 per cent.

Source: Stuff March 15, 2018 15:56 UTC