Escaping the debt trap
THERE is a debt crisis among Australia’s young people. The “buy now, pay later” culture promoted by retailers and lenders is impacting heavily on consumers with the least experience of credit and debt.
Just over 40 per cent of all debt agreements are signed by people under 30. A debt agreement is a low-cost alternative to bankruptcy that more and more people are agreeing to undertake.
Banks blasted over credit card rates
CREDIT card users are being stung with higher interest fees despite the biggest Reserve Bank cuts to official rates in years.
Treasurer Wayne Swan yesterday demanded banks explain their failure to pass on savings amid concerns millions of customers have received no relief. Read more