The Consumer Policy Research Centre (CPRC) has revealed growing concern for vulnerable young Australians choosing to use buy-now-pay-later services to get by, with the use of these services rising throughout the COVID-19 pandemic.
These findings come a week after the Australian Securities and Investments Commission’s scathing report on the industry, finding that one in five consumers are vulnerable to missing essential meals or other activities, including paying other bills, to keep up with repayments.
Despite this, buy-now-pay-later platforms are far less regulated than other credit providers, and experts are worried this will lead to further hardship for vulnerable young people.
Find out more about buy-now-pay-later services and how they work here.
If you or a loved one are experiencing debt or financial hardship, you can access support through the National Debt Hotline (1800 007 007)Download Audio