Senate Economics Committee hearing into Buy Now Pay Later
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Buy Now Pay Later can be a convenient way to pay for something, but when unchecked, it can also lead to financial hardship.
In last week’s Senate Economics Committee hearing into our BNPL bill, we heard:
🖐🏻 Many people reaching out to financial counsellors have up to three separate BNPL accounts.
💳 BNPL must be regulated as a form of credit, because it is.
💲 Our changes will require BNPL providers to protect consumers from unaffordable loans and excessive fees.
We are taking this vital step to make Buy Now Pay Later a better deal for all Australians.
Ensuring these services contribute positively to our economy, without compromising consumer welfare.