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‘Data doesn’t lie’ about trouble caused by ‘buy now, pay later’ services

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The financial sector is calling for tougher regulation on buy now, pay later services due to concerns people are racking up debts they can’t pay.

Almost 95,000 new accounts with services like AfterPay are being opened every week in Australia.

One in six of those are causing financial instability.

“Any credit can be dangerous if it’s not managed responsibly,” Fiona Guthrie, CEO of Financial Counselling Australia, told Tom Elliott.

“We just think it should be regulated.”

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