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BIZARRE: 9 - What They Never Told You

Buy now, pay later industry to be regulated under Credit Act as part of changes by federal government

Buy now, pay later services, including Afterpay and Zip Pay, will be regulated under the Credit Act and required to obtain an Australian Credit Licence under proposed changes by the federal government.

ABC News

Buy now pay later: Klarna is courting young shoppers with Paris Hilton and TikTok-style algorithms – here's why it's a problem

After adding a few too many items to your online shopping cart, you head over to the payment page to check out. Alongside the usual credit card and PayPal payment fields, you see an enticing new option. A colourful button offers to allow you to spread your payment over several…

The Conversation

Sweden’s Klarna burned through $100 million a month to become a buy-now-pay-later giant in the U.S. Can ChatGPT help it turn a profit again?

Klarna, a pioneering fintech startup, seeks a rebound after a year marked by layoffs and a plummeting valuation.

Fortune

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Americans Go Deeper Into Debt as They Use Buy Now, Pay Later Apps for Groceries

With inflation squeezing budgets, more consumers are turning to instant credit apps to make ends meet.

Businessweek

Five tips to help pull yourself out of a debt spiral

If you've found yourself sinking in debt-filled quicksand, find out what you can do to help drag yourself out.

The New Daily

More Tasmanians using buy now, pay later for everyday needs

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.

ABC News

Apple joins the 'buy now, pay later' lending trend. Do you know about the downsides?

Starting this week, Apple is rolling out its version of "buy now, pay later."

Los Angeles Times

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The 5 best ‘buy now, pay later’ apps for March 2023

We compared the top buy now, pay later platforms on the market and weighed loan terms, APRs, late fees, credit limits, mobile app ratings, and more.

Fortune

Krungsri targets rise in digital customers

Krungsri Consumer, the unsecured loan unit under Bank of Ayudhya, aims to increase its customer base on digital platforms by 20% this year, aided by new digital service offerings.

Bangkok Post

Klarna joins Laybuy and Clearpay in charging a fee to late payers

New £5 charge from March 16 will reduce the likelihood of borrowers falling behind, according to Klarna boss

Chronicle Live

Buy now, pay later regulation essential to protect young Australians from debt, experts say

Some estimates say 60 per cent of buy now, pay later (BNPL) users are aged under 35, but academics say the service has too few compliance checks and protections for young people.

ABC News

Buy now, pay later? Not so fast, as the government looks to tighten regulation by year's end

Millions of Australians have buy now, pay later accounts, but the easy credit may soon be harder to come by as the government vows to crack down on the industry by the end of the year.

ABC News

Two week warning issued to anyone with a Klarna account as £5 fees are introduced

All Klarna users will be affected by the policy change which comes into place on March 16

Manchester Evening News

Klarna to start charging late fees from next month - what you need to know

From March 16, Klarna will be charging £5 to customers who miss their repayments and the move is a major shift by the buy now, pay later firm who has so far has not charged late fees in the UK

Daily Mirror

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Evening Standard

New buy now pay later regulations will be a wake-up call for lenders

City Comment: Some consumers don’t understand the potential dangerous implications of entering into multiple BNPL agreements

Chronicle Live

Buy-now pay-later firms to face clampdown under new rules in the pipeline

Government criticised for the time taken to bring legislation to the table amid concerns over more people getting into debt

The Guardian - AU

Australia’s corporate watchdog joins calls for stricter regulation of buy now, pay later products

Asic raises concerns about missed payment fees and people giving up essentials to afford repayments

Daily Mirror

Buy now, pay later firms set for major crackdown under new rules to protect borrowers

A new consultation has launched today and will look at how buy now, pay later (BNPL) products could be brought under Financial Conduct Authority (FCA) regulation

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The Independent UK

Crackdown on buy now, pay later schemes to protect 10 million shoppers

Klarna-style plans have ballooned since regulation all but killed off predatory payday loans

Evening Standard

Buy now, pay later businesses face clampdown under new government rules

Nearly £1 in every £8 spent online in January used buy-now-pay-later services

Wales Online

New buy now pay later regulations ‘set to protect 10 million consumers’

'People should be able to access affordable credit, but with clear protections in place. That is why these proposed regulations are so important.'

The Guardian - UK

Ministers launch long-awaited consultation on buy now, pay later firms

Government says new rules could help protect 10 million consumers from ‘unconstrained borrowing’

The Guardian - AU

Cost-of-living crisis drives vulnerable Australians to buy now, pay later schemes, consumer groups say

With more people taking out loans for daily expenses, advocates urge tighter regulation of BNPL sector

Kiplinger

What Is a Good Credit Score?

Having a good credit score can save you hundreds, even thousands of dollars on credit cards, mortgages and other loans.

The New Daily

How to recover from a festive season financial hangover

The holiday season comes with a flood of sales – but these specials could tempt cash-strapped Australians into financial distress.

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