The Financial Rights Legal Centre and Mob Strong Debt Help are urging consumers to be careful if taking out loans or using buy now, pay later services (BNPL) to keep up with Christmas expenses.
Financial Rights Legal Centre Chief Executive Officer Karen Cox while these options may seem like an easier way to cope with holiday season and back-to-school expenses, it could be the start of an ongoing debt trap.
We often see cases of people who find themselves in difficulty upon realising they cannot meet their loan obligations on top of their living expenses, she said.
Many people also end up in financial hardship because they take out loans to cover existing repayments.
Its important to know that help …
Read the full article at: https://www.miragenews.com/consumers-warned-to-avoid-christmas-debt/