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Payday loans the next financial disaster

A financial disaster is looming unless there is an urgent response to expert recommendations to clean up payday loans and consumer leases. As pressure builds on mainstream finance institutions, Consumer Action Law Centre is urging decisive action on recommendations in the Small Amount Credit Contracts (SACC) review tabled in Federal Parliament today. With data showing […]

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Energy retailers to help Victorians stay out of debt: Consumer Groups

Energy retailers are to provide improved, targeted assistance to customers experiencing financial difficulty under a proposed new regulatory framework announced by the Andrews Government today. The framework is the outcome of an inquiry by the Essential Services Commission into best practice financial hardship programs of energy retailers.

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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’) promise to help Australians solve their money or debt problems, but consumer advocates say the […]