payday lenders: The inquiry will lift the lid on the practices of payday lenders, buy now, pay later service providers and some companies offering leases on appliances, according to Nine News Australia. We're hearing there are real problems in the way some credit providers target very low income people or people under financial stress, Jenny McAllister, Shadow Assistant Minister for Families and Communities, told 9News. To improve your experience update it here News National Aussies struggling with Christmas debt warned of 'buy now, pay later' dangers By Fiona Willan Political Reporter7 57pm Dec 6, struggling with Christmas debt are being warned of the dangers of resorting to quick-fix loans and buy now, pay later services, ahead of a Senate inquiry in Melbourne next week. Mostly they're operating within the law, and the purpose of the inquiry is to have a look at the laws and see if they are adequately protecting people. 'Buy now, pay later' loans are the subject of an upcoming Senate inquiry. 9News Senator McAllister called for the inquiry, which has now received around 60 submissions from charities, financial counsellors and business groups. A submission by Financial Counselling Australia claimed a woman who was on a Centrelink Newstart allowance was given a 200 payday loan. Common complaints include high interest rates, confusing contract terms, and insufficient checks and balances on a person's ability to pay back a debt.
(news.financializer.com). As
reported in the news.
Tagged under payday lenders, income people topics.