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The digital age is a pay-day lenders' feast

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24.02.2019

“So now, as an infallible way of making little ease great ease, I began to contract a quantity of debt.”

At one time or another we have all felt as Pip did in Dickens’ Great Expectations. Being a consumer in 2019 we are faced with fast fashion, digital innovation and an ease of consumption like never before.

Labor senator Jenny McAllister.Credit:Dallas Kilponen

Spiralling debt is not uncommon, with stagnating wage growth and increased cost of living forcing Australians to turn to credit providers to service financial needs.

With 2.1 million Australians under severe or high financial stress, the impact of credit has never been more important.

That is why I initiated a Senate inquiry into credit products targeted at Australians in financial stress.

The rise of financial products that offer quick credit are compounding the pressure to spend. Pay-day lenders and consumer leases offer a quick cash injection.

Not all of these products are new to the market. But they are reaching new audiences via online. Fifteen years ago, pay-day loans were issued in shop fronts or over the........

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