‘The financial obligation Trap: How lending that is payday costing Australians’ information released

‘The financial obligation Trap: How lending that is payday costing Australians’ information released

Consumer Action Law Centre CEO, Gerard Brody, releases your debt Trap: how lending that is payday costing Australians report in the front of Melbourne, money Converters shop.

The Stop the Debt Trap Alliance circulated brand new information showing the scale of Australia’s payday lending crisis early in the day this thirty days.

Your debt Trap: how lending that is payday costing Australians provides no time before seen information showing the degree of damage cause by the payday financing industry in addition to people that are many vulnerable.

The report ended up being published by significantly more than 20 users of the Stop the Debt Trap Alliance – a coalition that is national of advocacy organisations whom start to see the damage brought on by payday advances each day through their advice and casework.

These findings reinforce the need that is urgent the Morrison national to pass through the long-awaited bit Credit Contracts legislation that will set up more powerful defenses for susceptible individuals who use payday advances.

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