The Federal Government has [finally] declared Buy Now Pay Later products as credit products and has outlined a path to regulation in the months ahead, recognizing that the products can harm customers.
Big players like CBA pushed the Government into a more gentle regime than I think is idea,, but at least its a step in the right direction. But two questions, will BNPL appear on credit files, and what about those thousands of customers of these products who are already in over the heads. We note from our surveys significant growth in use of these products as inflation and interest rate rises bite.
This is too little too late!
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