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Legal centre warns of Christmas debt
By Emma Ryan|31 December 2020
An Australian legal centre has warned of the dangers of taking out loans or utilising buy now, pay later services, with Christmas expenses taking their yearly toll.
According to the Financial Rights Legal Centre and Mob Strong Debt Help, Aussies often find themselves in debt following the festive season due to high expenses being spent over the period.
The pair have issued a joint statement urging Australians to be extra vigilant this year, with the COVID-19 pandemic likely to have placed added stressors on finances in 2020.
Financial Rights Legal Centre chief executive officer Karen Cox said while taking out loans or using buy now, pay later (BNPL) services to cope with the added pressures, these options could be the start of an ongoing debt trap.
Credit card debt fell and the savings rate rose this year, but financial counsellors issue warning on buy-now, pay-later plans
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Financial counsellors say the pressures of Christmas can lead people to spend beyond their means.
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People should be careful to avoid a Christmas debt hangover, financial counsellors have warned, despite Australians reducing their credit card bills amid the uncertainty of 2020.
Key points:
Buy-now, pay-later services continue to increase in popularity
Financial counsellors typically see an increase in calls for help after Christmas
Canberra financial counsellor Deb Shroot could be on the other end of the phone if you call the National Debt Helpline.