In a report released late last year, corporate watchdog ASIC found 21 per cent of buy now pay later customers had missed a payment.Twenty per cent missed other major bills including household payments and mortgages.And of those who were in financial trouble, 52 per cent had more than one account.New scam draining entire bank account
Under the code, which comes into force on Monday, transactions above $2000 will now require credit checks including income and expense information.Checks are even tougher for purchases above $15,000.Buy now pay later can't be offered to minors and additional purchases won't be allowed when a customer is already late on any repayment.
While buy now pay later services don't charge interest, they do charge late fees if customers miss payments.A group of consumer financial advocates are calling on the Federal Government to step in. In a media release today, the groups said they see "the harm BNPL services cause first-hand. This includes an increasing number of people who end up in unaffordable debt through them, poor industry hardship practices and excessive late fees."
It's these customers who typically renege on paying bills or forfeit food for drugs. Stop blaming businesses
So the article says Afterpay already do these checks. So...the article is borderline redundant?
What a load of shit.
This code works in favor of GetSpenda Cirralto $CRO $CROO $CRO.ax
How are people not worried that our own leader is lying and the prof is right in their face.
Yeah, have some of that, AfterPay. Another Aussie-born business we’re scything down. There’s always America or Europe if you wanna make it big.
i remember the days when we used to pump $9999 thru bank accounts so it didnt attract attention :P haha