https://www.nzherald.co.nz/personal-finance/news/article.cfm?c_id=12&objectid=12227186
In the NZ Herald (Business Section, page C4 Friday 3 May 2019), BNZ made a profit of $550 million in six months to 31 March. They lured 163,000 New Zealanders into debt. The Bank bleats that much of the profit was acquired through bank loans granted to home and SME business owners.
Those weren’t their words, they’re our words based on an interpretation of their actions and what we have learned about Debt through fellow Business Activist Lisa Cowe.
The Business Herald says, ‘Strong home and business loan growth helped to boost profits at the Bank of New Zealand to $550 million…’
What we surmise is the profit won’t show straight away, only further down the track.
Meanwhile, sitting in the wings are the Debt Collectors – waiting for these Creditors to slip up. Inability to pay, default payments, anything. And like salivating chained-up dogs, they are waiting for that one phone call from the Bank that says, ‘We got another job for ya mate. How much ya want for it?’
This is the call that untethers the Debt Collectors from their chains and like a pack of wild animals, they’ll be out in force to terrorise those home and SME business owners.
What is interesting here, is that many people know (including BNZ and other Banks), that business failure is very high within the first two years. Sad for those businesses who fall on hard times, if they have taken out a bank loan.
REFERENCE:
NZ Herald – Business Section, p C4, Friday
3 May 2019