‘Buy now, pay later’ services leaving vulnerable Australians in debt by Sky News Australia on YouTube

‘Buy now, pay later’ services leaving vulnerable Australians in debt
Technology Editor at the Australian David Swan says companies such as Zip and Afterpay are facing calls for greater regulation, as Australia plunges into a recession as a result of the COVID-19 pandemic. Mr Swan told Sky News Afterpay’s shares were “skyrocketing” due to younger Australians being “quite adverse to credit cards”. “These companies are doing incredibly well and are worth more now than the likes of Myer and David Jones,” he said. David Swan hosts the Australian’s ‘Forward Slash’ podcast which found some young Australians were falling into debt as a direct result of using 'buy now, pay later' services. "It's not the companies themselves that we should be worried about it's that companies sell the debt onto debt collectors who can be really aggressive when it comes to chasing vulnerable young people," he said. "Young people are taking up these services but they need to be aware of what they are getting into." Forward Slash is presented by The Australian in partnership with IBM. Image: Getty

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