Labour continues to rip off their constituency

[Imported from Whale Oil Beef Hooked on Blogger]

The new Credit Contracts and Consumer Finance Act has some hidden hooks, among them the removal from the old Act for the requirement of lenders to publish a finance rate.

The finance rate allows borrows to see the true interest rate after all fees etc are added. In fact when I was lending in one of my old jobs we were required toshow the finance rate to all borrows. It was often several percentage points higher than the interest rate published.

This is yet another proof that Labour and their cronies do not understand finance, and do not care for the electorate.


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