Australians are seeking out buy now, pay-later loans to cover basics such as food and rent at an alarming rate as their empty bank accounts make it a struggle to survive.
"We've heard from financial counsellors, who assist people with debt, that some people have 10 or 11 loans," Mr Veyret said. Real Estate Institute of Queensland chief executive Antonia Mercorella said it was a concerning trend brought about by increasing rental costs.
I have to say it; DON'T use credit cards or use any credit facility if you know you can't pay it back; Simple. If you need food & clothes, see a charity; otherwise you don't really need it.
People who buy items not out necessity on credit should not be given credit.
We should just ban the business model and jail the people running these predatory schemes.
What's the diff between this and std credit card that slaps a 20% compounding interest for late payments? A person on 50K inc gets a 3K credit card limit Vs 1K limit with BNPL which allows instalments , flat penalty $50 non compunding. It's not the vehicle , it's the driver.
Sad these opportunis tic companies are praying on Aussies in need ! It is time for some Aussies to ditch wants but not needs such as paytv, streaming like Spotify & Netflix ect, change Internet & phone plans and drop luxury food items to make ends meet & control impulse spending
So it's doing what it's designed for....and we allowed it.
Sad these opportunistic companies are praying in Aussies in need ! It is time for some Aussies to ditch wants but not needs such as paytv, streaming services like Spotify and Netflix ect, change Internet & phone plans ect to make ends meet and control wants impulse buying !
Amazing that Defence dept can waste 5bn on failed sub contracts, snowy 2 another 2bn, 40bn given away on job keeper to companies who didn't need it and don't have to pay it back but citizens are using BNPL to buy groceries, people flooded out twice still waiting for assistance.
I suspect it’s the younger generation that’s using these buy now pay later schemes. Bring back “lay buy” for your purchases 🙄
Yet asicmedia bans a financial advisor who went to the football, and gives this sector a free pass.