Consumer groups and charities have signed an open letter urging the next federal government to better regulate the buy now, pay later industryThe Australian Finance Industry Association says several consumer protections are already covered in its BNPL code of practice
"It was so easy to sign up. They just asked for my name, date of birth and ID," said Alana, who did not want to use her surname."I was in a very bad domestic violence situation. I had a job at the time and then I ended up having to leave that job because the partner I was with said 'no you're not going to work'.Alana owes more than $8,000 after using buy now, pay later services.After paying her rent, her phone bill and buying food, she has no money left over.
"We're seeing people come in with multiple debts from different providers and it's being used for essential living," she said.Service 'already regulated' says government, industry The Labor spokesperson for financial services, Stephen Jones told the ABC, "BNLP provides competition and innovation in our consumer credit market. This is a good thing. It needs to be appropriately regulated."
Perhaps some personal responsibility is required rather than just more regulation?
Don't get taught about money, this is where it leads.
Own fault , should have read up on it before you caused this mess She should have paid attention in school
It's all just another form of credit. After the thrill is gone you have to pay it back with fees..so it will cost you in the end? There's a right way to use these services then there's the wrong way. The proprietors know that. You do not want to get caught up with the wrong way.
like my friend who says he can’t afford to have a credit card. What does that even mean? Anyone can have a credit card if they use it properly and are not irresponsible with it. Same with afterpay. The point isn’t to ‘owe them money’. They are not your parents.
I knew it was a con job right from the start, luring young people in & getting them in debt.
Alana is an adult who made adult choices all be it bad adult choices.
Banks are voicing their displeasure they are losing business to After pay etc that don't charge fees unless you default. and $8000 you would need to join multiple pay later companies. Don't spoil it for those that use it responsibly.
What a idiot, seriously. AFTERPAY is only bad for irresponsible idiots. It allows a way to purchase the more expensive items u might want straight up, no one forces u to use it, very simple don't use it to purchase items and book up so much $$ if u can't afford to pay it back.
Alana might be an Amazon lover
Alana sounds like an idiot. That being said, these schemes are predatory and should really not be a thing.
This highlights the fact that there is not enough help out there for people in need. Charities only help once a year. Centrelink payments are a joke. Don't blame After Pay etc for this.