Debt-stressed home owners and renters are increasingly turning to alternative lenders offering so-called “payday” loans and consumer leases, as falling property prices plunge more households into negative equity and banks crack down on credit.
Key points:
- Payday lenders are growing faster than banks as mainstream credit tightens
- Ease of access to online lenders is pushing households into risky debt situations
- There are calls for tighter regulation of the burgeoning sector
A combination of cost of living pressures outstripping CPI, stagnant wages growth and rising levels of mortgage stress is bei…
Read the full article at: https://www.abc.net.au/news/2019-02-21/payday-loans-increase-as-households-pushed-into-risky-credit/10827342