Hidden Fees in Kazakhstan's Installment Plans: A Growing Problem

Hidden Fees Plague Kazakhstan's Installment Plans: Consumers Beware Astana, Kazakhstan – A recent investigation reveals a widespread problem of deceptive installment plans across Kazakhstan. Many sellers advertise goods as available with 'no interest' payment options, but consumers are discovering hidden fees and charges significantly increasing the final cost. This practice is leaving many citizens struggling financially. "I bought a necessary item on an installment plan, believing it was interest-free," said Zhanar Beisenbaeva, a resident of Astana. "But the monthly payments reached 500,000 tenge! I couldn't keep up, and now I'm in debt." Economist Kazykeldi Shambyl explains that this practice is not only unethical but also illegal. He stresses the importance of financial literacy and government action to curb this deceptive business practice. He advocates for transparency in installment plan agreements and stronger consumer protection laws. The National Bank of Kazakhstan and the Ministry of Trade are now working to address this issue and ensure greater transparency in the market. Consumers are urged to carefully review all terms and conditions before signing any installment plan agreements.