MEDIA RELEASE Thursday, 3 March 2016 As Australians face over $1 trillion personal debt crisis, advocates warn about ‘debt vultures’ With ABS data showing that Australians are living with over $1 trillion of personal debt, consumer advocates are warning that an emerging industry of ‘debt vultures’ is making things worse. Debt vultures (known by regulators and industry as ‘debt management firms’) [ More ]
The Credit & Debt Hotline will be open as usual throughout the holiday period except for public holidays. The Insurance Law Service will be closed for the Christmas and New Year period from 12.00pm, EST, on the 24thDecember. We will re-open on Monday the 4th January at 9.30am. We will not be available to take your calls or respond to web-inquiries [ More ]
Consumer groups have cautioned policy makers not to fall for payday lending spin as new research from Digital Finance Analytics (DFA) shows the devastating impact of the industry on Australians struggling to make ends meet. Consumer Action Law Centre, Good Shepherd Microfinance and Financial Rights Legal Centre commissioned the report from DFA and found that nearly 30% of borrowers surveyed [ More ]
The poorest and most vulnerable Australians are paying grossly inflated prices for household goods via “rent-to-buy” or “consumer lease” deals, as shown by a new report from the Australian Securities and Investments Commission (ASIC) released today. The report found that people receiving Centrelink payments are being charged much higher prices than the prices advertised by consumer lease providers. For two [ More ]
Leading consumer groups are calling for the Australian Parliament to support moves by the Senate to protect the integrity of Centrelink’s budgeting tool for essentials Centrepay, by excluding rent-to-buy products. The intention of Centrepay is to help welfare recipients prioritise essentials such as rent and utility bills. Businesses providing “rent-to-buy” or “consumer lease” deals can access the payments of welfare [ More ]
