Put a lid on debt traps – Greens
Australian Greens leader Bob Brown is calling on the Rudd Government to close debt traps which are leading Australians deeper into debt at a time of record high household indebtedness.
"Harvey Norman, for example, is offering the public two years or more non-payment periods, then huge interest rates (around 28%) and default penalties," Senator Brown said.
"Yesterday Gerry Harvey, head of Harvey Norman, said that if the US economy failed to turn around "we are in for a prolonged recession". He also predicted that unemployment would rise.