More Australians are being forced to use buy now pay later services to pay for basics such as food and petrol, as the cost of living and inflation continue to rise. 7NEWS
Financial Counselling Australia chief executive Fiona Guthrie said she was concerned with the findings.“But the ease of accessing BNPL loans, combined with mounting cost-of-living pressures, has meant more people are resorting to it just to get by.”
Under the changes, buy now pay later providers would need a credit licence, in line with other lending services. They also must follow minimum standards and hardship requirements.Credit:Services would be treated like other credit products and would also be subjected to marketing restrictions.
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