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“Rational Consumption x Responsible Borrowing” Video Series - The Sugarcoated Loan Trap - Money Lending Intermediary

  • 2017.11.15

Quick and easy loan? Repay just by “min pay”? Watch out! Young consumers, with such an attitude in loan borrowing, may find themselves embroiled in debt one day. In collaboration with the Financial Services and the Treasury Bureau (FSTB), the Consumer Council has jointly produced a 3-episode video series. The second in the series, titled Sugarcoated Loan Trap - Money Lending Intermediary, reminisces some of the all-too-familiar loan advertising, unveiling behind all the laughters, the false promise “easy loans, easy repayment” - to awaken young people to the potential risks and consequences of irresponsible borrowing.

The Council is emphatic against undesirable sales practices by wayward financial intermediaries taking on the image of “superman” or “financial consultant” in helping young people secure loans, but in fact seeking only to extract hefty handling fees, further adding to their debt burden. Young consumers are strongly advised not to be induced into borrowing recklessly to cover credit card debt for wilful consumption, and falling into “easy” loan temptation trap.

The short video series, a co-production by FSTB and the Council, are shown on CHOICE Facebook, the Council’s website, and other social media platforms. The first two videos were launched on 2nd and 14th of November; while the third -- NO to Loan Temptation - The Cold Calls will be launched on 24th November.