Main steps to avoid getting into serious debt
Payday lenders are bad. This is the important message of the new initiative, Watch your nuts, aiming to change the attitude towards Fast Loan Lenders / ‘Payday Lenders’ and to ensure that their target audience and the general public are informed and can speak up about the problem of fast lenders.
The move highlights the worrying tendency of loan advertisers to prey on the vulnerable, exemplified by beer and gambling ads. These campaigns target an audience that cannot afford the lifestyle choices they make, hence the desire to get a loan, quickly.
A CALC study found that two in five clients who took out a payday loan were unemployed while they were Digital finance analysis estimated that these same borrowers took on an average of 3.64 payday loans in 2015. As of 2015 ASIC report industry has also raised serious concerns about non-compliance. The report found weaknesses in process, documentation and record keeping, including how lenders educate themselves about a consumer’s goals and needs before granting a loan.
Watch your nuts, supported by the Consumer Action Law Center and the Financial Rights Legal Center, offers some practical tips for collecting and avoiding serious debt:
- Chase your homie (s) tight for all the money they owe you beer
- Become a competitive eater with a popular madman Youtube Account
- Sell ââsome of your stuff on eBay Where Gumtree. (After all, the average household has $ 5,400 in unwanted items lying around! Who knew?)
- Buy used from eBay Where Gumtree
- Host a resident, or rent a room on AirBnB
- See if your parents can spot you a bit. Come on, ask nicely
- Help Beryl around the corner with her gardening, or earn $$$ with AirTasker
- Borrow what you actually want to buy from a partner
- Shop around for gas, electricity, insurance, broadband, etc. cheaper.
- Request a bill extension from your utility provider
- Ask your employer for a payday advance
- In fact, save your savings and save for it
- There’s nothing cute about quick loans. So do ‘Nothing else‘, seriously, nothing else except getting a quick loan (aka payday loan, aka “small” loan) before you find yourself calling the National Debt Helpline on 1800 007 007