@au2015_ka wrote:
Well for a start i do not have a credit card and i do not live beyond my means dont refer to Australians and typecast us i resent your comment and i happen to love Afterpay
I am not able to take responsibility for your reading into a comment something that isn't intended. I'm sorry if you feel offended.
However...
I stand by what I posted, although I certainly didn't post it as a generalisation that applies to every single person. I was careful to refer to "many" and "There are households where ...", not "Every single Australian" or "you, the person reading the post, in particular." You'll also want to resent the ABC story whose main points are shown below...?
❝Credit card users struggling under mountain of debt that may never be repaid, ASIC report shows
Updated 4 Jul 2018, 8:54am
One in six consumers is struggling under a mountain of credit card debt that might never be repaid, according to alarming research by the corporate regulator.
The Australian Securities and Investments Commission (ASIC) report showed 18.5 per cent of consumers were overwhelmed by their credit card debt load with outstanding balances now totalling $45 billion.
[Read more]
Key points:- New report by ASIC shows that Australians owe $45 billion in credit card debt
- More than one in six Australians — around 1.9 million people — are struggling to repay their debt
- Despite new regulations in 2012, not all credit providers are proactive in countering persistent debt❞
You may want to read the story ABC ran very recently on Afterpay.
❝Afterpay, Zip Pay and others cause financial strife for 'young' shoppers: ASIC
Updated Wed at 2:24pm
One in six customers who use payment methods like Afterpay and Zip Pay are in financial trouble — whether it is being overdrawn, delaying bill payments or borrowing more money to pay off their debt.
The customers are also typically "young", with 60 per cent of them aged between 18 and 34.
Those were the key findings by the Australian Securities and Investments Commission (ASIC) in its first review of the rapidly growing "buy now, pay later" sector.
Key points:- Afterpay's income from late fees surged 365 per cent to $28.4 million
- Buy now, pay later customers increased from 400,000 to 2 million between the 2015/16 and 2017/18 financial years
- Draft laws propose new powers for ASIC to intervene if it believes there is a "significant consumer detriment"
[...]
The regulator is investigating businesses in this sector because, unlike banks, they are not currently required to lend responsibly or perform credit checks under the National Credit Act.
[...] ASIC was also concerned that use of these services tends to result in customers buying more expensive items than they would otherwise, and spending beyond their means.
"Although our review found many consumers enjoy using buy now, pay later arrangements and plan to continue using them, there are some potential risks for consumers in using these products," ASIC commissioner Danielle Press said.
"We found that buy now, pay later arrangements can cause some consumers to become financially overcommitted and liable to paying late fees."❞
[read more]
Yes, I am an Australian citizen, having (just) been born here. This isn't an "us and them" situation. Whence did you think I hailed? Don't go chucking a wobbly! I may not be from the back of Bourke, having resided in the Big Smoke for much of my life, but fair suck of the sav, I'm as fair dinkum an Aussie as any larrikin a stubby short of a six pack. Who'd blough his dough when it's London to a brick that the lurk's not worth a brass razoo?
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