There's growing concerns from expert as the Government rolls back some restrictions needed to take out a loan.

From today, The Government has removed affordability regulations from the Credit Contracts and Consumer Finance Act and updated the Responsible Lending Code.

Money Sweetspot co-founder and CEO Sasha Lockley says relaxing these requirements means more people are at risk of getting into debt that they can't afford to pay back.

"People believe what banks and finance companies tell them around affordability...and if you go to some of the bad actors in this financial system, they may say - yes, absolutely you can afford it, when actually, people can't."

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There's growing concerns from expert as the Government rolls back some restrictions needed to take out a loan.
From today, The Government has removed affordability regulations from the Credit Contracts and Consumer Finance Act and updated the Responsible Lending Code.
Money Sweetspot co-founder and CEO Sasha Lockley says relaxing these requirements means more people are at risk of getting into debt that they can't afford to pay back.
"People believe what banks and finance companies tell them around affordability...and if you go to some of the bad actors in this financial system, they may say - yes, absolutely you can afford it, when actually, people can't."
LISTEN ABOVE

With a straight down the middle approach, Heather du Plessis-Allan Drive on Newstalk ZB delivers the very latest news and views to New Zealanders as they wrap up their day.

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