Payday Lending
Greater consumer protections needed in the payday lending industry
The Consumer Action Law Centre has being actively campaigning for the introduction of greater consumer protections in the payday lending industry for a number of years and was pleased to see the Federal Government introduce legislation into parliament which would do just that. Now our attention has turned to ensuring the legislation passes through both houses of parliament unamended.
Consumer Action, in conjunction with Financial Counselling Australia and the Consumer Credit Legal Centre NSW, has launched a website to support the proposed legislation, to tell the cold hard facts about payday loans, and to follow the media coverage of the issue: www.debttrap.org.au.
For up to date information on our campaign visit www.debttrap.org.au or follow out Twitter feed: https://twitter.com/#!/debttrap_AU.
In September 2010 Consumer Action released a report into payday lending authored by Senior Policy Officer Zac Gillam: Payday loans: Helping hand or quicksand? Examining the growth of high-cost short term lending in Australia, 2002-2010. You can read a four-page summary of our report here.