In today's world of sky-high prices, navigating day-to-day expenses can be a stumbling block for many Australians, not least for those living on fixed pension or disability payments.

And in an increasingly uncertain and expensive world, smart shopping and payment strategies, such as Buy Now Pay Later (BNPL) schemes, have quickly become a necessity.

These services have been a lifeline for many financially struggling Australians, including pensioners. However, the upcoming crackdown on these services has caused significant concern among its users.

So, what's going on, and how will it affect you?

Mona Ibrahim, a pensioner who relies on Afterpay, Zip Pay and Hum, is one such individual expressing her fears over the new regulations.

Due to a combination of health issues and costly medical treatments such as kidney transplants, dialysis, and a $2,000 operation, Ms Ibrahim was left with just $10 a week from her disability payments.

A pensioner says she is scared of facing her financial future after Buy Now Pay Later regulations. Credit: Monstera/Pexels

To make ends meet, Mona turned to BNPL services, which allowed her to purchase essential items and spread the cost over a period of time.

However, this convenience came at a high price. Ms Ibrahim quickly accumulated $22,000 in credit card, finance and BNPL debt across her three accounts, leaving her future uncertain.

With the pending changes to BNPL regulations, Ms Ibrahim – and many others like her – are worried about their ability to afford essential items.

‘Everything's going up. I'm scared of where we're going to end up. We are going towards poverty,’ Ms Ibrahim told reporters.

The Albanese government recently announced plans to classify BNPL services as credit products, requiring operators to hold an Australian credit licence and adhere to specific standards of conduct.

While this may provide better protection for consumers in the long run, it does raise the question of how it will impact customers like Ms Ibrahim, who rely on these services to cover basic necessities such as groceries, medication and bills.

Ms Ibrahim fears having to pay more for her groceries and other expenses amid the current inflation crisis. Credit: Pixabay/Pexels

‘I'm not thinking about myself; I'm thinking about everybody. I've seen a lot of people suffer,’ she said.

In the 2021-22 financial year, there were over 7 million active BNPL accounts, generating more than $16 billion in revenue – a 37 per cent increase from the previous year.

At present, BNPL services are not regulated in the same way as credit cards, posing a greater financial risk for consumers.

The proposed changes aim to address these risks, but they also have the potential to leave vulnerable Australians in a difficult position.

Financial Services Minister Stephen Jones explained that the changes were necessary due to the ‘growing dangers to consumers, which up until now have been largely unregulated and unchecked’.

‘The plan will protect people from the spirals of harm that unregulated, unrestricted lending can cause,’ he added.

‘It looks like credit, acts like credit, and it carries the risk of credit.’

While it's important to ensure consumers are protected from potential harm, it's also vital to consider the impact on seniors like Ms Ibrahim, who rely on BNPL services to make ends meet.

If you, too, are using BNPL services, we encourage you to keep a close eye on the upcoming changes.

Key Takeaways

• A struggling pensioner has raised concerns that the impending crackdown on controversial Buy Now Pay Later (BNPL) services will lead to her becoming unable to afford essential items.
• The Albanese government announced plans to make BNPL services to be classified as a credit product, requiring operators of those services to hold an Australian credit licence and adhere to standards of conduct.
• Ms Ibrahim has accrued $22,000 in credit card, finance and BNPL debt across her three accounts and fears the new crackdown will lead to her and others being left behind, unable to purchase items over a period of time.
• Financial Services minister Stephen Jones said the changes were sorely needed as there were ‘growing dangers to consumers, which up until now have been largely unregulated and unchecked’.

Have you used BNPLs to purchase any essential items? Do you think these new regulations will affect how you use these payment options? Let us know in the comments below – your thoughts are valuable to us.

 

[Suzanne rose]

I use After Pay regularly but limit how much I use which I keep under $500.

I'm not sure what the changes are going to be to comment.
No one gas actually stated these changes

 

[Teddy is my boy]

If l can’t afford something l simply wait until l can

 

[Beauty28]

Bras are so expensive I always after pay and just bought a desk on after pay. I never go over 150.00 as I can't pay that back. It's as though I am lay buying other wise I would not afford items

 

[Jen77au]

In today's world of sky-high prices, navigating day-to-day expenses can be a stumbling block for many Australians, not least for those living on fixed pension or disability payments.

And in an increasingly uncertain and expensive world, smart shopping and payment strategies, such as Buy Now Pay Later (BNPL) schemes, have quickly become a necessity.

These services have been a lifeline for many financially struggling Australians, including pensioners. However, the upcoming crackdown on these services has caused significant concern among its users.

So, what's going on, and how will it affect you?

Mona Ibrahim, a pensioner who relies on Afterpay, Zip Pay and Hum, is one such individual expressing her fears over the new regulations.

Due to a combination of health issues and costly medical treatments such as kidney transplants, dialysis, and a $2,000 operation, Ms Ibrahim was left with just $10 a week from her disability payments.

View attachment 22285

A pensioner says she is scared of facing her financial future after Buy Now Pay Later regulations. Credit: Monstera/Pexels

To make ends meet, Mona turned to BNPL services, which allowed her to purchase essential items and spread the cost over a period of time.

However, this convenience came at a high price. Ms Ibrahim quickly accumulated $22,000 in credit card, finance and BNPL debt across her three accounts, leaving her future uncertain.

With the pending changes to BNPL regulations, Ms Ibrahim – and many others like her – are worried about their ability to afford essential items.

‘Everything's going up. I'm scared of where we're going to end up. We are going towards poverty,’ Ms Ibrahim told reporters.

The Albanese government recently announced plans to classify BNPL services as credit products, requiring operators to hold an Australian credit licence and adhere to specific standards of conduct.

While this may provide better protection for consumers in the long run, it does raise the question of how it will impact customers like Ms Ibrahim, who rely on these services to cover basic necessities such as groceries, medication and bills.

View attachment 22286

Ms Ibrahim fears having to pay more for her groceries and other expenses amid the current inflation crisis. Credit: Pixabay/Pexels

‘I'm not thinking about myself; I'm thinking about everybody. I've seen a lot of people suffer,’ she said.

In the 2021-22 financial year, there were over 7 million active BNPL accounts, generating more than $16 billion in revenue – a 37 per cent increase from the previous year.

At present, BNPL services are not regulated in the same way as credit cards, posing a greater financial risk for consumers.

The proposed changes aim to address these risks, but they also have the potential to leave vulnerable Australians in a difficult position.

Financial Services Minister Stephen Jones explained that the changes were necessary due to the ‘growing dangers to consumers, which up until now have been largely unregulated and unchecked’.

‘The plan will protect people from the spirals of harm that unregulated, unrestricted lending can cause,’ he added.

‘It looks like credit, acts like credit, and it carries the risk of credit.’

While it's important to ensure consumers are protected from potential harm, it's also vital to consider the impact on seniors like Ms Ibrahim, who rely on BNPL services to make ends meet.

If you, too, are using BNPL services, we encourage you to keep a close eye on the upcoming changes.

Key Takeaways

• A struggling pensioner has raised concerns that the impending crackdown on controversial Buy Now Pay Later (BNPL) services will lead to her becoming unable to afford essential items.
• The Albanese government announced plans to make BNPL services to be classified as a credit product, requiring operators of those services to hold an Australian credit licence and adhere to standards of conduct.
• Ms Ibrahim has accrued $22,000 in credit card, finance and BNPL debt across her three accounts and fears the new crackdown will lead to her and others being left behind, unable to purchase items over a period of time.
• Financial Services minister Stephen Jones said the changes were sorely needed as there were ‘growing dangers to consumers, which up until now have been largely unregulated and unchecked’.

Have you used BNPLs to purchase any essential items? Do you think these new regulations will affect how you use these payment options? Let us know in the comments below – your thoughts are valuable to us.

As a disability pensioner, I started with afterpay. I did get myself in over my head in the beginning but then common sense struck me!

I needed to make a purchase from Amazon, but they only offered Zip, so they I signed up for that too.

Luckily, as tempting and as easy as it is to use these to purchase frivolous products, I restrain myself as I know how hard it is to get by already.

I have never had a credit card, I just wouldn't get one because I thought I'd go crazy with it but these BNPL do have consequences if you don't pay on time or with regards to Zip, within the interest-free period for costlier items.

I can definitely say that having these two accounts has made purchasing bigger items so much easier for me. And the fact that I wouldn't have been accepted for credit anywhere else due to my DSP being my only source of income, they've been a godsend.

That being said, I understand why they think they need to toughen the laws. But it seems like it's going to kick us pensioners right back down again

 

[Jest]

In today's world of sky-high prices, navigating day-to-day expenses can be a stumbling block for many Australians, not least for those living on fixed pension or disability payments.

And in an increasingly uncertain and expensive world, smart shopping and payment strategies, such as Buy Now Pay Later (BNPL) schemes, have quickly become a necessity.

These services have been a lifeline for many financially struggling Australians, including pensioners. However, the upcoming crackdown on these services has caused significant concern among its users.

So, what's going on, and how will it affect you?

Mona Ibrahim, a pensioner who relies on Afterpay, Zip Pay and Hum, is one such individual expressing her fears over the new regulations.

Due to a combination of health issues and costly medical treatments such as kidney transplants, dialysis, and a $2,000 operation, Ms Ibrahim was left with just $10 a week from her disability payments.

View attachment 22285

A pensioner says she is scared of facing her financial future after Buy Now Pay Later regulations. Credit: Monstera/Pexels

To make ends meet, Mona turned to BNPL services, which allowed her to purchase essential items and spread the cost over a period of time.

However, this convenience came at a high price. Ms Ibrahim quickly accumulated $22,000 in credit card, finance and BNPL debt across her three accounts, leaving her future uncertain.

With the pending changes to BNPL regulations, Ms Ibrahim – and many others like her – are worried about their ability to afford essential items.

‘Everything's going up. I'm scared of where we're going to end up. We are going towards poverty,’ Ms Ibrahim told reporters.

The Albanese government recently announced plans to classify BNPL services as credit products, requiring operators to hold an Australian credit licence and adhere to specific standards of conduct.

While this may provide better protection for consumers in the long run, it does raise the question of how it will impact customers like Ms Ibrahim, who rely on these services to cover basic necessities such as groceries, medication and bills.

View attachment 22286

Ms Ibrahim fears having to pay more for her groceries and other expenses amid the current inflation crisis. Credit: Pixabay/Pexels

‘I'm not thinking about myself; I'm thinking about everybody. I've seen a lot of people suffer,’ she said.

In the 2021-22 financial year, there were over 7 million active BNPL accounts, generating more than $16 billion in revenue – a 37 per cent increase from the previous year.

At present, BNPL services are not regulated in the same way as credit cards, posing a greater financial risk for consumers.

The proposed changes aim to address these risks, but they also have the potential to leave vulnerable Australians in a difficult position.

Financial Services Minister Stephen Jones explained that the changes were necessary due to the ‘growing dangers to consumers, which up until now have been largely unregulated and unchecked’.

‘The plan will protect people from the spirals of harm that unregulated, unrestricted lending can cause,’ he added.

‘It looks like credit, acts like credit, and it carries the risk of credit.’

While it's important to ensure consumers are protected from potential harm, it's also vital to consider the impact on seniors like Ms Ibrahim, who rely on BNPL services to make ends meet.

If you, too, are using BNPL services, we encourage you to keep a close eye on the upcoming changes.

Key Takeaways

• A struggling pensioner has raised concerns that the impending crackdown on controversial Buy Now Pay Later (BNPL) services will lead to her becoming unable to afford essential items.
• The Albanese government announced plans to make BNPL services to be classified as a credit product, requiring operators of those services to hold an Australian credit licence and adhere to standards of conduct.
• Ms Ibrahim has accrued $22,000 in credit card, finance and BNPL debt across her three accounts and fears the new crackdown will lead to her and others being left behind, unable to purchase items over a period of time.
• Financial Services minister Stephen Jones said the changes were sorely needed as there were ‘growing dangers to consumers, which up until now have been largely unregulated and unchecked’.

Have you used BNPLs to purchase any essential items? Do you think these new regulations will affect how you use these payment options? Let us know in the comments below – your thoughts are valuable to us.

i do not pay on these. another rort that pulls in the easies. do not buy unless you have the cash. pretty simple.

 

[Jest]

Bras are so expensive I always after pay and just bought a desk on after pay. I never go over 150.00 as I can't pay that back. It's as though I am lay buying other wise I would not afford items

look at sales bras are not that expensive and i buy at myers.

 

[Ricki]

In today's world of sky-high prices, navigating day-to-day expenses can be a stumbling block for many Australians, not least for those living on fixed pension or disability payments.

And in an increasingly uncertain and expensive world, smart shopping and payment strategies, such as Buy Now Pay Later (BNPL) schemes, have quickly become a necessity.

These services have been a lifeline for many financially struggling Australians, including pensioners. However, the upcoming crackdown on these services has caused significant concern among its users.

So, what's going on, and how will it affect you?

Mona Ibrahim, a pensioner who relies on Afterpay, Zip Pay and Hum, is one such individual expressing her fears over the new regulations.

Due to a combination of health issues and costly medical treatments such as kidney transplants, dialysis, and a $2,000 operation, Ms Ibrahim was left with just $10 a week from her disability payments.

View attachment 22285

A pensioner says she is scared of facing her financial future after Buy Now Pay Later regulations. Credit: Monstera/Pexels

To make ends meet, Mona turned to BNPL services, which allowed her to purchase essential items and spread the cost over a period of time.

However, this convenience came at a high price. Ms Ibrahim quickly accumulated $22,000 in credit card, finance and BNPL debt across her three accounts, leaving her future uncertain.

With the pending changes to BNPL regulations, Ms Ibrahim – and many others like her – are worried about their ability to afford essential items.

‘Everything's going up. I'm scared of where we're going to end up. We are going towards poverty,’ Ms Ibrahim told reporters.

The Albanese government recently announced plans to classify BNPL services as credit products, requiring operators to hold an Australian credit licence and adhere to specific standards of conduct.

While this may provide better protection for consumers in the long run, it does raise the question of how it will impact customers like Ms Ibrahim, who rely on these services to cover basic necessities such as groceries, medication and bills.

View attachment 22286

Ms Ibrahim fears having to pay more for her groceries and other expenses amid the current inflation crisis. Credit: Pixabay/Pexels

‘I'm not thinking about myself; I'm thinking about everybody. I've seen a lot of people suffer,’ she said.

In the 2021-22 financial year, there were over 7 million active BNPL accounts, generating more than $16 billion in revenue – a 37 per cent increase from the previous year.

At present, BNPL services are not regulated in the same way as credit cards, posing a greater financial risk for consumers.

The proposed changes aim to address these risks, but they also have the potential to leave vulnerable Australians in a difficult position.

Financial Services Minister Stephen Jones explained that the changes were necessary due to the ‘growing dangers to consumers, which up until now have been largely unregulated and unchecked’.

‘The plan will protect people from the spirals of harm that unregulated, unrestricted lending can cause,’ he added.

‘It looks like credit, acts like credit, and it carries the risk of credit.’

While it's important to ensure consumers are protected from potential harm, it's also vital to consider the impact on seniors like Ms Ibrahim, who rely on BNPL services to make ends meet.

If you, too, are using BNPL services, we encourage you to keep a close eye on the upcoming changes.

Key Takeaways

• A struggling pensioner has raised concerns that the impending crackdown on controversial Buy Now Pay Later (BNPL) services will lead to her becoming unable to afford essential items.
• The Albanese government announced plans to make BNPL services to be classified as a credit product, requiring operators of those services to hold an Australian credit licence and adhere to standards of conduct.
• Ms Ibrahim has accrued $22,000 in credit card, finance and BNPL debt across her three accounts and fears the new crackdown will lead to her and others being left behind, unable to purchase items over a period of time.
• Financial Services minister Stephen Jones said the changes were sorely needed as there were ‘growing dangers to consumers, which up until now have been largely unregulated and unchecked’.

Have you used BNPLs to purchase any essential items? Do you think these new regulations will affect how you use these payment options? Let us know in the comments below – your thoughts are valuable to us.

We have used Afterpay which is a BNPL , many times over the years but we always make sure we have the savings to pay outright if need be. We would never use them if we didn't have that backup.

 

[Ricci]

I would respectfully suggest that if the lady in the article swiftly found herself owing $22,000 then BNPL is not helping her, she is not managing her money. Even though it can be embarrassing she would be far better served using foodbank and affiliated groups to help, that is what they are there for.
You cannot live on borrowed money for ever, eventually one of them will demand payment and/or foreclose and you will end up homeless. Any interest added will make a difficult situation even worse and drive you under even quicker.

 

[Pink lion]

Bras are so expensive I always after pay and just bought a desk on after pay. I never go over 150.00 as I can't pay that back. It's as though I am lay buying other wise I would not afford items

You guys pay $150.00 for a pair of bra's? I do not believe many males at all know that.

WOW It sounds like a Rip off that masquerades as a Hold up!

 

[Luckyus]

In today's world of sky-high prices, navigating day-to-day expenses can be a stumbling block for many Australians, not least for those living on fixed pension or disability payments.

And in an increasingly uncertain and expensive world, smart shopping and payment strategies, such as Buy Now Pay Later (BNPL) schemes, have quickly become a necessity.

These services have been a lifeline for many financially struggling Australians, including pensioners. However, the upcoming crackdown on these services has caused significant concern among its users.

So, what's going on, and how will it affect you?

Mona Ibrahim, a pensioner who relies on Afterpay, Zip Pay and Hum, is one such individual expressing her fears over the new regulations.

Due to a combination of health issues and costly medical treatments such as kidney transplants, dialysis, and a $2,000 operation, Ms Ibrahim was left with just $10 a week from her disability payments.

View attachment 22285

A pensioner says she is scared of facing her financial future after Buy Now Pay Later regulations. Credit: Monstera/Pexels

To make ends meet, Mona turned to BNPL services, which allowed her to purchase essential items and spread the cost over a period of time.

However, this convenience came at a high price. Ms Ibrahim quickly accumulated $22,000 in credit card, finance and BNPL debt across her three accounts, leaving her future uncertain.

With the pending changes to BNPL regulations, Ms Ibrahim – and many others like her – are worried about their ability to afford essential items.

‘Everything's going up. I'm scared of where we're going to end up. We are going towards poverty,’ Ms Ibrahim told reporters.

The Albanese government recently announced plans to classify BNPL services as credit products, requiring operators to hold an Australian credit licence and adhere to specific standards of conduct.

While this may provide better protection for consumers in the long run, it does raise the question of how it will impact customers like Ms Ibrahim, who rely on these services to cover basic necessities such as groceries, medication and bills.

View attachment 22286

Ms Ibrahim fears having to pay more for her groceries and other expenses amid the current inflation crisis. Credit: Pixabay/Pexels

‘I'm not thinking about myself; I'm thinking about everybody. I've seen a lot of people suffer,’ she said.

In the 2021-22 financial year, there were over 7 million active BNPL accounts, generating more than $16 billion in revenue – a 37 per cent increase from the previous year.

At present, BNPL services are not regulated in the same way as credit cards, posing a greater financial risk for consumers.

The proposed changes aim to address these risks, but they also have the potential to leave vulnerable Australians in a difficult position.

Financial Services Minister Stephen Jones explained that the changes were necessary due to the ‘growing dangers to consumers, which up until now have been largely unregulated and unchecked’.

‘The plan will protect people from the spirals of harm that unregulated, unrestricted lending can cause,’ he added.

‘It looks like credit, acts like credit, and it carries the risk of credit.’

While it's important to ensure consumers are protected from potential harm, it's also vital to consider the impact on seniors like Ms Ibrahim, who rely on BNPL services to make ends meet.

If you, too, are using BNPL services, we encourage you to keep a close eye on the upcoming changes.

Key Takeaways

• A struggling pensioner has raised concerns that the impending crackdown on controversial Buy Now Pay Later (BNPL) services will lead to her becoming unable to afford essential items.
• The Albanese government announced plans to make BNPL services to be classified as a credit product, requiring operators of those services to hold an Australian credit licence and adhere to standards of conduct.
• Ms Ibrahim has accrued $22,000 in credit card, finance and BNPL debt across her three accounts and fears the new crackdown will lead to her and others being left behind, unable to purchase items over a period of time.
• Financial Services minister Stephen Jones said the changes were sorely needed as there were ‘growing dangers to consumers, which up until now have been largely unregulated and unchecked’.

Have you used BNPLs to purchase any essential items? Do you think these new regulations will affect how you use these payment options? Let us know in the comments below – your thoughts are valuable to us.

Not sure how it works but if these proposed alterations to these BNPY agreemments, is that maybe you can look at declaring yourself bankrupt and maybe you can come to some agreement to pay off your at rate which you can afford, but as I say I'm not an accountant.

 

[maggiej]

I was taught to save for a rainy day. If I don't have enough money then I do not buy. I know sometimes it is a necessity when we have a breakdown of some major item but if you make sure you are not spending all of your money and not saving some then you may have to resort to one of those plans.

 

[Ian Crane-Luff]

In today's world of sky-high prices, navigating day-to-day expenses can be a stumbling block for many Australians, not least for those living on fixed pension or disability payments.

And in an increasingly uncertain and expensive world, smart shopping and payment strategies, such as Buy Now Pay Later (BNPL) schemes, have quickly become a necessity.

These services have been a lifeline for many financially struggling Australians, including pensioners. However, the upcoming crackdown on these services has caused significant concern among its users.

So, what's going on, and how will it affect you?

Mona Ibrahim, a pensioner who relies on Afterpay, Zip Pay and Hum, is one such individual expressing her fears over the new regulations.

Due to a combination of health issues and costly medical treatments such as kidney transplants, dialysis, and a $2,000 operation, Ms Ibrahim was left with just $10 a week from her disability payments.

View attachment 22285

A pensioner says she is scared of facing her financial future after Buy Now Pay Later regulations. Credit: Monstera/Pexels

To make ends meet, Mona turned to BNPL services, which allowed her to purchase essential items and spread the cost over a period of time.

However, this convenience came at a high price. Ms Ibrahim quickly accumulated $22,000 in credit card, finance and BNPL debt across her three accounts, leaving her future uncertain.

With the pending changes to BNPL regulations, Ms Ibrahim – and many others like her – are worried about their ability to afford essential items.

‘Everything's going up. I'm scared of where we're going to end up. We are going towards poverty,’ Ms Ibrahim told reporters.

The Albanese government recently announced plans to classify BNPL services as credit products, requiring operators to hold an Australian credit licence and adhere to specific standards of conduct.

While this may provide better protection for consumers in the long run, it does raise the question of how it will impact customers like Ms Ibrahim, who rely on these services to cover basic necessities such as groceries, medication and bills.

View attachment 22286

Ms Ibrahim fears having to pay more for her groceries and other expenses amid the current inflation crisis. Credit: Pixabay/Pexels

‘I'm not thinking about myself; I'm thinking about everybody. I've seen a lot of people suffer,’ she said.

In the 2021-22 financial year, there were over 7 million active BNPL accounts, generating more than $16 billion in revenue – a 37 per cent increase from the previous year.

At present, BNPL services are not regulated in the same way as credit cards, posing a greater financial risk for consumers.

The proposed changes aim to address these risks, but they also have the potential to leave vulnerable Australians in a difficult position.

Financial Services Minister Stephen Jones explained that the changes were necessary due to the ‘growing dangers to consumers, which up until now have been largely unregulated and unchecked’.

‘The plan will protect people from the spirals of harm that unregulated, unrestricted lending can cause,’ he added.

‘It looks like credit, acts like credit, and it carries the risk of credit.’

While it's important to ensure consumers are protected from potential harm, it's also vital to consider the impact on seniors like Ms Ibrahim, who rely on BNPL services to make ends meet.

If you, too, are using BNPL services, we encourage you to keep a close eye on the upcoming changes.

Key Takeaways

• A struggling pensioner has raised concerns that the impending crackdown on controversial Buy Now Pay Later (BNPL) services will lead to her becoming unable to afford essential items.
• The Albanese government announced plans to make BNPL services to be classified as a credit product, requiring operators of those services to hold an Australian credit licence and adhere to standards of conduct.
• Ms Ibrahim has accrued $22,000 in credit card, finance and BNPL debt across her three accounts and fears the new crackdown will lead to her and others being left behind, unable to purchase items over a period of time.
• Financial Services minister Stephen Jones said the changes were sorely needed as there were ‘growing dangers to consumers, which up until now have been largely unregulated and unchecked’.

Have you used BNPLs to purchase any essential items? Do you think these new regulations will affect how you use these payment options? Let us know in the comments below – your thoughts are valuable to us.

Used sensibly BNPL schemes are a great service and I doubt if any changes made will affect those who have used them in a safe manner but for those who use multiple services and have got behind with payments are likely to be blocked, I have used Afterpay regularly but with strict control, never missed or be behind with payments and enjoy added benefits, have no other debts apart from the usual utilities I think some changes to the systems would be of benefit.

 

[Glo72]

I use Afterpay and I limit what I spend. I had a credit card years ago and realised what a big con it was. Paid it off and cut the card up. If you laybye you pay fees with Afterpay I never miss a payment therefore i only pay the cost of the item. The lady with $22,000 debt has a huge management problem.

 

[Nana Zorak]

I use the PayPal equivalent of Pay in 4 as I have had a PayPal account for many years. They always give you the dates that the money will come from your debit or credit card with you paying the first instalment upfront. That way they can see you are willing to pay for the goods. I have recently bought new sheets, slippers, & a Queen sized Doona cover for the new Massage bed Jaz bought for himself. He usually buys from the Facebook Market place where he is very canny in his purchases he bought me a Niagara massage chair from there also very recently an Air Fryer oven & a new, never been used Westinghouse hot water for tea dispenser that was a lot cheaper & better & cheaper at $50.00 than the Anko brand from Kmart which when I eventually found one in there was $75.00, not the $65.00 as in your article. I can imagine how easy it would be to get out of your depth with the Buy now pay later plan if you don't keep up with what you owe

 

[Gaena]

I use the PayPal equivalent of Pay in 4 as I have had a PayPal account for many years. They always give you the dates that the money will come from your debit or credit card with you paying the first instalment upfront. That way they can see you are willing to pay for the goods. I have recently bought new sheets, slippers, & a Queen sized Doona cover for the new Massage bed Jaz bought for himself. He usually buys from the Facebook Market place where he is very canny in his purchases he bought me a Niagara massage chair from there also very recently an Air Fryer oven & a new, never been used Westinghouse hot water for tea dispenser that was a lot cheaper & better & cheaper at $50.00 than the Anko brand from Kmart which when I eventually found one in there was $75.00, not the $65.00 as in your article. I can imagine how easy it would be to get out of your depth with the Buy now pay later plan if you don't keep up with what you owe

Me too Ialways use Pay Pal pay in 4, its easy to manage and even so I limit what I am spending. I Never have payments of more than $50.00 the lady in the previous article with huge debts on BNPl services badly needs help with managing her finances and impulse buying, I shudder to think How she would manage with an actual credit card.

 

[Jay Jay]

In today's world of sky-high prices, navigating day-to-day expenses can be a stumbling block for many Australians, not least for those living on fixed pension or disability payments.

And in an increasingly uncertain and expensive world, smart shopping and payment strategies, such as Buy Now Pay Later (BNPL) schemes, have quickly become a necessity.

These services have been a lifeline for many financially struggling Australians, including pensioners. However, the upcoming crackdown on these services has caused significant concern among its users.

So, what's going on, and how will it affect you?

Mona Ibrahim, a pensioner who relies on Afterpay, Zip Pay and Hum, is one such individual expressing her fears over the new regulations.

Due to a combination of health issues and costly medical treatments such as kidney transplants, dialysis, and a $2,000 operation, Ms Ibrahim was left with just $10 a week from her disability payments.

View attachment 22285

A pensioner says she is scared of facing her financial future after Buy Now Pay Later regulations. Credit: Monstera/Pexels

To make ends meet, Mona turned to BNPL services, which allowed her to purchase essential items and spread the cost over a period of time.

However, this convenience came at a high price. Ms Ibrahim quickly accumulated $22,000 in credit card, finance and BNPL debt across her three accounts, leaving her future uncertain.

With the pending changes to BNPL regulations, Ms Ibrahim – and many others like her – are worried about their ability to afford essential items.

‘Everything's going up. I'm scared of where we're going to end up. We are going towards poverty,’ Ms Ibrahim told reporters.

The Albanese government recently announced plans to classify BNPL services as credit products, requiring operators to hold an Australian credit licence and adhere to specific standards of conduct.

While this may provide better protection for consumers in the long run, it does raise the question of how it will impact customers like Ms Ibrahim, who rely on these services to cover basic necessities such as groceries, medication and bills.

View attachment 22286

Ms Ibrahim fears having to pay more for her groceries and other expenses amid the current inflation crisis. Credit: Pixabay/Pexels

‘I'm not thinking about myself; I'm thinking about everybody. I've seen a lot of people suffer,’ she said.

In the 2021-22 financial year, there were over 7 million active BNPL accounts, generating more than $16 billion in revenue – a 37 per cent increase from the previous year.

At present, BNPL services are not regulated in the same way as credit cards, posing a greater financial risk for consumers.

The proposed changes aim to address these risks, but they also have the potential to leave vulnerable Australians in a difficult position.

Financial Services Minister Stephen Jones explained that the changes were necessary due to the ‘growing dangers to consumers, which up until now have been largely unregulated and unchecked’.

‘The plan will protect people from the spirals of harm that unregulated, unrestricted lending can cause,’ he added.

‘It looks like credit, acts like credit, and it carries the risk of credit.’

While it's important to ensure consumers are protected from potential harm, it's also vital to consider the impact on seniors like Ms Ibrahim, who rely on BNPL services to make ends meet.

If you, too, are using BNPL services, we encourage you to keep a close eye on the upcoming changes.

Key Takeaways

• A struggling pensioner has raised concerns that the impending crackdown on controversial Buy Now Pay Later (BNPL) services will lead to her becoming unable to afford essential items.
• The Albanese government announced plans to make BNPL services to be classified as a credit product, requiring operators of those services to hold an Australian credit licence and adhere to standards of conduct.
• Ms Ibrahim has accrued $22,000 in credit card, finance and BNPL debt across her three accounts and fears the new crackdown will lead to her and others being left behind, unable to purchase items over a period of time.
• Financial Services minister Stephen Jones said the changes were sorely needed as there were ‘growing dangers to consumers, which up until now have been largely unregulated and unchecked’.

Have you used BNPLs to purchase any essential items? Do you think these new regulations will affect how you use these payment options? Let us know in the comments below – your thoughts are valuable to us.

I use the PayPal equivalent of Pay in 4 as I have had a PayPal account for many years. They always give you the dates that the money will come from your debit or credit card with you paying the first instalment upfront. That way they can see you are willing to pay for the goods. I have recently bought new sheets, slippers, & a Queen sized Doona cover for the new Massage bed Jaz bought for himself. He usually buys from the Facebook Market place where he is very canny in his purchases he bought me a Niagara massage chair from there also very recently an Air Fryer oven & a new, never been used Westinghouse hot water for tea dispenser that was a lot cheaper & better & cheaper at $50.00 than the Anko brand from Kmart which when I eventually found one in there was $75.00, not the $65.00 as in your article. I can imagine how easy it would be to get out of your depth with the Buy now pay later plan if you don't keep up with what you owe

Surely we should be wanting these financial 'services' regulated?
Regulation may help to not accumulate debt which is hard to service, especially when using multiple BNPL providers. It might seem 'easy' to sign up for a monthly payment, but not if you have several such deductions, and are on a fixed, low income such as a pension. Many people could be vulnerable to unregulated and possibly 'not so scrupulous' providers, and find themselves in dire financial straits.

 

[Pink lion]

In today's world of sky-high prices, navigating day-to-day expenses can be a stumbling block for many Australians, not least for those living on fixed pension or disability payments.

And in an increasingly uncertain and expensive world, smart shopping and payment strategies, such as Buy Now Pay Later (BNPL) schemes, have quickly become a necessity.

These services have been a lifeline for many financially struggling Australians, including pensioners. However, the upcoming crackdown on these services has caused significant concern among its users.

So, what's going on, and how will it affect you?

Mona Ibrahim, a pensioner who relies on Afterpay, Zip Pay and Hum, is one such individual expressing her fears over the new regulations.

Due to a combination of health issues and costly medical treatments such as kidney transplants, dialysis, and a $2,000 operation, Ms Ibrahim was left with just $10 a week from her disability payments.

View attachment 22285

A pensioner says she is scared of facing her financial future after Buy Now Pay Later regulations. Credit: Monstera/Pexels

To make ends meet, Mona turned to BNPL services, which allowed her to purchase essential items and spread the cost over a period of time.

However, this convenience came at a high price. Ms Ibrahim quickly accumulated $22,000 in credit card, finance and BNPL debt across her three accounts, leaving her future uncertain.

With the pending changes to BNPL regulations, Ms Ibrahim – and many others like her – are worried about their ability to afford essential items.

‘Everything's going up. I'm scared of where we're going to end up. We are going towards poverty,’ Ms Ibrahim told reporters.

The Albanese government recently announced plans to classify BNPL services as credit products, requiring operators to hold an Australian credit licence and adhere to specific standards of conduct.

While this may provide better protection for consumers in the long run, it does raise the question of how it will impact customers like Ms Ibrahim, who rely on these services to cover basic necessities such as groceries, medication and bills.

View attachment 22286

Ms Ibrahim fears having to pay more for her groceries and other expenses amid the current inflation crisis. Credit: Pixabay/Pexels

‘I'm not thinking about myself; I'm thinking about everybody. I've seen a lot of people suffer,’ she said.

In the 2021-22 financial year, there were over 7 million active BNPL accounts, generating more than $16 billion in revenue – a 37 per cent increase from the previous year.

At present, BNPL services are not regulated in the same way as credit cards, posing a greater financial risk for consumers.

The proposed changes aim to address these risks, but they also have the potential to leave vulnerable Australians in a difficult position.

Financial Services Minister Stephen Jones explained that the changes were necessary due to the ‘growing dangers to consumers, which up until now have been largely unregulated and unchecked’.

‘The plan will protect people from the spirals of harm that unregulated, unrestricted lending can cause,’ he added.

‘It looks like credit, acts like credit, and it carries the risk of credit.’

While it's important to ensure consumers are protected from potential harm, it's also vital to consider the impact on seniors like Ms Ibrahim, who rely on BNPL services to make ends meet.

If you, too, are using BNPL services, we encourage you to keep a close eye on the upcoming changes.

Key Takeaways

• A struggling pensioner has raised concerns that the impending crackdown on controversial Buy Now Pay Later (BNPL) services will lead to her becoming unable to afford essential items.
• The Albanese government announced plans to make BNPL services to be classified as a credit product, requiring operators of those services to hold an Australian credit licence and adhere to standards of conduct.
• Ms Ibrahim has accrued $22,000 in credit card, finance and BNPL debt across her three accounts and fears the new crackdown will lead to her and others being left behind, unable to purchase items over a period of time.
• Financial Services minister Stephen Jones said the changes were sorely needed as there were ‘growing dangers to consumers, which up until now have been largely unregulated and unchecked’.

Have you used BNPLs to purchase any essential items? Do you think these new regulations will affect how you use these payment options? Let us know in the comments below – your thoughts are valuable to us.

Aly Costillo

In today's world of sky-high prices, navigating day-to-day expenses can be a stumbling block for many Australians, not least for those living on fixed pension or disability payments.

And in an increasingly uncertain and expensive world, smart shopping and payment strategies, such as Buy Now Pay Later (BNPL) schemes, have quickly become a necessity.

These services have been a lifeline for many financially struggling Australians, including pensioners. However, the upcoming crackdown on these services has caused significant concern among its users.

So, what's going on, and how will it affect you?

Mona Ibrahim, a pensioner who relies on Afterpay, Zip Pay and Hum, is one such individual expressing her fears over the new regulations.

Due to a combination of health issues and costly medical treatments such as kidney transplants, dialysis, and a $2,000 operation, Ms Ibrahim was left with just $10 a week from her disability payments.

View attachment 22285

A pensioner says she is scared of facing her financial future after Buy Now Pay Later regulations. Credit: Monstera/Pexels

To make ends meet, Mona turned to BNPL services, which allowed her to purchase essential items and spread the cost over a period of time.

However, this convenience came at a high price. Ms Ibrahim quickly accumulated $22,000 in credit card, finance and BNPL debt across her three accounts, leaving her future uncertain.

With the pending changes to BNPL regulations, Ms Ibrahim – and many others like her – are worried about their ability to afford essential items.

‘Everything's going up. I'm scared of where we're going to end up. We are going towards poverty,’ Ms Ibrahim told reporters.

The Albanese government recently announced plans to classify BNPL services as credit products, requiring operators to hold an Australian credit licence and adhere to specific standards of conduct.

While this may provide better protection for consumers in the long run, it does raise the question of how it will impact customers like Ms Ibrahim, who rely on these services to cover basic necessities such as groceries, medication and bills.

View attachment 22286

Ms Ibrahim fears having to pay more for her groceries and other expenses amid the current inflation crisis. Credit: Pixabay/Pexels

‘I'm not thinking about myself; I'm thinking about everybody. I've seen a lot of people suffer,’ she said.

In the 2021-22 financial year, there were over 7 million active BNPL accounts, generating more than $16 billion in revenue – a 37 per cent increase from the previous year.

At present, BNPL services are not regulated in the same way as credit cards, posing a greater financial risk for consumers.

The proposed changes aim to address these risks, but they also have the potential to leave vulnerable Australians in a difficult position.

Financial Services Minister Stephen Jones explained that the changes were necessary due to the ‘growing dangers to consumers, which up until now have been largely unregulated and unchecked’.

‘The plan will protect people from the spirals of harm that unregulated, unrestricted lending can cause,’ he added.

‘It looks like credit, acts like credit, and it carries the risk of credit.’

While it's important to ensure consumers are protected from potential harm, it's also vital to consider the impact on seniors like Ms Ibrahim, who rely on BNPL services to make ends meet.

If you, too, are using BNPL services, we encourage you to keep a close eye on the upcoming changes.

Key Takeaways

• A struggling pensioner has raised concerns that the impending crackdown on controversial Buy Now Pay Later (BNPL) services will lead to her becoming unable to afford essential items.
• The Albanese government announced plans to make BNPL services to be classified as a credit product, requiring operators of those services to hold an Australian credit licence and adhere to standards of conduct.
• Ms Ibrahim has accrued $22,000 in credit card, finance and BNPL debt across her three accounts and fears the new crackdown will lead to her and others being left behind, unable to purchase items over a period of time.
• Financial Services minister Stephen Jones said the changes were sorely needed as there were ‘growing dangers to consumers, which up until now have been largely unregulated and unchecked’.

Have you used BNPLs to purchase any essential items? Do you think these new regulations will affect how you use these payment options? Let us know in the comments below – your thoughts are valuable to us.

Ally Castillo, it is my opinion that you write extremely well by the way. The way you lay out information on paper, is really talented. I just felt to compliment you on your handywork.

 

[LynneM]

I have had afterpay for about 3 years and you never ever use it for food etc. I only use it for birthday presents or special gifts for special occasions for family members. Never thought you can get groceries with it, and will never use it for that. I have a $1,500 limit on mine, but have never gone over $300 for one purchase, and I wait until thats paid, I dont double up on it or anything. I like it it works for me.

 

[Pink lion]

Me to

I have had afterpay for about 3 years and you never ever use it for food etc. I only use it for birthday presents or special gifts for special occasions for family members. Never thought you can get groceries with it, and will never use it for that. I have a $1,500 limit on mine, but have never gone over $300 for one purchase, and I wait until thats paid, I dont double up on it or anything. I like it it works for me.

Me too, I have been on it for years, only used it about three times, and I wouldn't consider using it for food unless it was for a feast or a big birthday splash. It is the 35th anniversary of my 35th birthday in October though, so it is worth remembering.