An ASIC report has highlighted some shark-like behavior coming back towards the Australian payday lending sector, states Jessica Ellerm.
We utilized to phone them ‘loan sharks’ nevertheless now they usually have the more moniker that is respected of lenders’. Nonetheless, a recently released ASIC report has highlighted some behavior that is shark-like to your sector plus some really worrying trends growing into the ‘emergency’ loan behavior of everyday Australians.
Since 2008, the dimensions of the mortgage market has exploded by over 125%, with $400 million in loans written in the one year to June 2014. Is it a barometer for a potentially worrying fall in the nation’s quality lifestyle, as well as an indicator of this widening gap between your nation’s richest and poorest? Or, could this be another warning sign, combined with dramatic increase in interest-only housing loans that Australians you live more beyond their means? Continue reading