By customer affairs reporter Amy Bainbridge
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The us government will be advised to maneuver swiftly and toughen laws and regulations within the payday lending industry and customer leases.
- Customer leases can easily see clients spend a lot more than things can be worth, and payday advances attract high rates of interest
- A 2015 review made a number of suggestions for modifications to laws and regulations, but customer teams are frustrated the national government has yet to legislate modifications
- The federal government has told the ABC the legislation will soon be introduced and debated in 2010
A coalition of customer teams, including solution, customer Action Law Centre and Financial Counselling Australia, have been in Canberra right now to lobby for urgent legislative modifications.
“Consumer leases and loans that are payday frequently directed at the absolute most vulnerable customers within our culture,” stated Tom Godfrey from solution. Read more