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A worrying picture is emerging for Tasmanians struggling with cost of living increases, with many young women and family violence survivors using 'by now, pay later' services for essentials like food and groceries.
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Regulations can't come soon enough for Buy Now Pay Later loans, according to financial mentors who say their services are the busiest they've ever been. Festive season spending creating a debt spiral for some. The government is set to release final regulations for them this year but advisers say the draft proposal are not good enough to protect vulnerable people. Checkpoint's Louise Ternouth reports.
Zip co-founder Peter Gray warned against bringing the entire BNPL sector under the same regulatory framework as big-ticket personal debt products such as credit cards or mortgages.
The number of first home buyers taking out loans has plunged, and those who are left are being urged to follow these tips.