New report shows buy now pay later debt is causing significant financial stress
A new survey of financial counsellors about the impact of buy now pay later (BNPL) on their clients is a wake up call to the community about this new form of debt. The report’s title says it all: It’s credit, it causes harm and we need safeguards. The report was…
Consumer advocates welcome recommendation for stricter controls of credit funded gambling online
Financial Counselling Australia (FCA), Financial Rights Legal Centre and the Consumer Action Law Centre welcome the Parliamentary Joint Committee on Corporations and Financial Services’ recommendation for legislation to prohibit online gambling operators from accepting credit card funded deposits. Yesterday the Committee released its report, which recommended that gambling companies be…
Financial counsellors welcome new banking Financial Difficulty Guideline
Financial Counselling Australia welcomes today’s release by the banking industry of a new Financial Difficulty Guideline. The guideline represents the continuing evolution from the banks in the way they respond to customers experiencing financial stress. “This guideline is a really positive move from the banking sector,” said the CEO of…
New TIO report shows telcos still need to do more to help customers in financial hardship
A new report from the independent body handling complaints about telcos, the Telecommunications Industry Ombudsman (TIO), adds yet more weight to calls from financial counsellors for the industry to lift its game. The TIO has released its latest systemic investigation, called “Responding to consumers in financial hardship”. The report highlights…
Thousands turn to free financial counselling during latest lockdowns
Thousands turn to free financial counselling during latest lockdowns Thousands of individuals and small business owners have sought help from the National Debt Helpline (NDH) and Small Business Debt Helpline (SBDH) as they struggle with financial issues during the current lockdowns. The two national not-for-profit organisations run free financial counselling…
Financial counsellors welcome bank and gambling industry commitments to ban the use of credit cards for gambling. Government now needs to act.
Financial counsellors are delighted that common sense has prevailed, with the gambling industry announcing they will support a ban on the use of credit cards for gambling. The community would expect nothing less. The ball is now in the Government’s court, with the next step to introduce effective legislation, including…
Call for Afterpay Rebel Wilson advertisement to be discontinued
Financial Counselling Australia (FCA) is calling for a buy now pay later video advertisement which features actor Rebel Wilson to be pulled. One scene depicts Ms Wilson sitting at a table speaking to a small child, saying “if credit cards and cash had a baby you could pay it over time without…
Don’t suffer alone – there is FREE financial counselling available
Don’t suffer alone. That’s the key message from the National Debt Helpline (NDH) and Small Business Debt Helpline (SBDH) to those who are financially affected by lockdowns in NSW and Victoria. The two national not-for-profit services run free financial counselling helplines and chat services, to help individuals and small businesses…