Posted 12/24/2023, 9:38:59 PM
No-Interest Loans Increasingly Sought by Struggling Aussies to Afford Essentials
- Kate, a single mom of 3, is struggling with rising costs of living and rented a no-interest loan to buy household items and Christmas presents
- No-interest loan scheme provides loans up to $2k for essential goods or $3k for housing costs, paid back interest-free over time
- Volunteers report more men and employed people are now applying for the no-interest loans as cost pressures increase
- Credit card balances owing interest were higher in Oct 2022 than 2021, though demand for new credit cards is slowing
- Financial counsellors see more people with buy-now-pay-later debts and warn these can worsen financial hardship