Tv Star's Offer Is a 'Debt Trap'

Summary


CONSUMER groups have criticised controversial lender Firstplus's launch of a loan that offers a discounted interest rate for just 90 days before nearly doubling it for the remaining term.

The loan, available only to homeowners as it is secured against their property, starts at 4.9 per cent - but leaps to a 'typical' 8.5 per cent.

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Extract


Tv Star's Offer Is a 'Debt Trap'

However, because the rate depends on ...

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