Law change failing to rein in loan sharks

Budgeting services say law changes made three years ago to crack down on loan sharks and other high-cost lenders aren't working and many people are still struggling with spiralling debts. About 60,000 people around the country go to budgeting services for help each year, with an average debt of about $10,000. The government is in the midst of a review of the Credit, Contracts and Consumer Finance Act and it's promising a tougher approach. In the first of a three-part series on the burden of debt, RNZ social issues reporter Sarah Robson looks at whether the 2015 changes went far enough.