Financial counsellors warn Afterpay’s new $10 per month subscription scheme will trap more vulnerable spenders in debt.
Key points:
- Afterpay Plus is a monthly subscription which allows shoppers to borrow money, even in shops that don’t accept Afterpay
- Financial counsellors say it will make unregulated credit even easier to access
- An Afterpay spokesperson says the company maintains rigorous consumer protections to safeguard its users
Afterpay Plus allows shoppers to borrow money through Apple Pay, Google Pay, or Samsung Pay with the tap of a card or phone.
It allows shoppers to buy now, pay later even in shops that don’t support Afterpay.
Financial Counselling Australia chief executive Fiona Guthrie said it was an alarming idea which could te…
Read the full article at: https://www.abc.net.au/news/2023-10-25/afterpay-plus-alarms-financial-counsellors-vulnerable-debt/103018430