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How ‘Buy Now, Pay Later’ is about to change

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How is ‘Buy Now, Pay Later’ about to change? Over 7 million Australians use Buy Now Pay Later accounts, like Afterpay or Zip, and young people are the main adopters of this new form of credit. But now the Government is keen to apply the same rules that govern our credit cards or loans to these services – in one of the biggest changes to The Credit Act in years. The government hopes the new laws will protect vulnerable people from accumulating debt by making everyone get a credit check to use the apps. On today’s podcast, we’re going to take a look at what’s being proposed, why, and what the companies themselves think of the move.

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