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The majority of lenders in the Australian consumer credit market are not giving their customers appropriate hardship support, according to Financial Counselling Australia’s latest Rank the Banks report.
Credit Corp’s net profit slumped 30% on provisioning and US resourcing costs, yet guidance remains the same.
The debt-chasing, short-term lending outfit has missed its earnings expectations but forecasts a recovery.
The change prevents payday loan repayments from exceeding 10 per cent of a person’s net income.
Despite profits jumping, the debt collector has forecast weak flows from Australian credit cards.