Published On: Wed, May 10th, 2017

‘Central Bank must tackle loan sharks’

AlexRosariaWILLEMSTAD - In a letter to the Central Bank, former Member of Parliament and former PAIS leader Alex Rosaria proposes that a legal maximum interest rate on loans is required to dampen the debt issues that are perceived on the personal level.

“This debt issue leads to social misery on our island,” said the former politician, referring mainly to the so-called loan sharks that have been active for years and provide credit at interest rates of at least 3.5 percent.

“People cannot repay this,” he says. In 2013, Rosaria sounded the alarm while serving as an MP.

“I have been approached by people who cannot repay their debts, who are experiencing relational problems or, for example, kicked out from their homes due to debt or even prostitution,” said Rosaria.

In his letter to the Central Bank, he proposes that a legal maximum interest rate for loans be established as soon as possible.

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