WELLINGTON – Perweek.co.nz, the online hire purchase website, has issued a valuable free report for consumers on “The Seven Deadly Sins of Finance”, outlining the seven tricks and tactics some retailers and finance companies use to hide the true cost of finance and hire purchase charges in consumer deals.
“The Seven Deadly Sins of Finance” outlines the potential pitfalls and problems with everything from “interest free” periods to hidden costs and revolving credit deals that may appear attractive but in fact carry costs that many consumers are totally unaware of.
Notwithstanding efforts to make consumer finance more open and honest, many finance companies and retailers still employ tactics that effectively hide the true cost of buying an appliance, motor vehicle or services. The “great” or “unbeatable” or “today-only” deals are not necessarily what they appear. The Perweek.co.nz report outlines in clear language what the key “tricks” are and how consumers can avoid being stung by hidden charges and costs, which inflate the cost of their purchase.
Among the ruses employed by companies are hidden default penalty interest charges, which may be difficult to assess at the time a deal is signed, annual account fees and set-up fees that greatly alter the true cost of credit.
“The Seven Deadly Sins of Finance” is an invaluable, simple and highly relevant report for anyone contemplating entering into any finance transaction.
Perweek.co.nz is the first company in New Zealand to offer hire purchase online with a unique, original online ‘calculator’ that simply calculates the actual cost of credit transactions used for purchases from the website. Perweek.co.nz Managing Director Peter Terpstra says that New Zealanders need to be educated about the true need for transparency in credit transactions. Credit itself is not bad, says Mr Terpstra, but poor credit management or inadvertence as to the real cost of credit can be highly dangerous.
Recent controversy surrounding Telecom’s exploitation of “confusion,” as a marketing strategy disclosed by Telecom Chief Executive Theresa Gattung has exposed this practice. Unfortunately the telecommunications industry are babes in the woods compared to the finance industry, Mr Terpstra says.
He says that sites like Perweek permit what he calls “naked commerce”, permitting transparent dealings that effectively “x-ray” deals so that every aspect of their true cost are revealed.
Perweek.co.nz runs its own credit book and offers an array of well-priced new items through its website at http://www.perweek.co.nz The company’s highly sophisticated software provides what it believes is the best and most transparent credit assessment tool currently available to online purchasers.
“The Seven Deadly Sins of Finance” can be downloaded for free from http://www.perweek.co.nz
“The Seven Deadly Sins of Finance” may be reprinted in whole or part so long as Perweek.co.nz is acknowledged as owner and source of the work.
Peter Terpstra may be contacted at Perweek.co.nz – Tel: 04 499 7059 and 021 733 543 or at peter@perweek.co.nz
WELLINGTON – Perweek.co.nz, the online hire purchase website, has i…
