Monday 21 November 2022 03:41 AM AfterPay changes for Australians who use the service trends now
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Australian shoppers could soon be forced to go through financial checks before they can use buy now, pay later services.
The Department of Treasury intends to overhaul the multi-billion dollar industry and bring in stricter regulations for services like Afterpay and Zippay.
It comes amid concerns providers have minimal credit checks and are allowing consumers to use their services even though they can't afford to pay off the debt.
Australian shoppers could soon be forced to go through financial checks before they are allowed to use buy now, pay later services (stock image)
The Department of Treasury intends to overhaul the multi-billion dollar industry and bring in tougher regulations for services like Afterpay and Zippay
The Australian Securities and Investment Commission surveyed customers finding 19 per cent had made cutbacks on essentials to make their repayments.
Financial Service Minister Stephen Jones warned Australians were becoming buried under too much debt.
'The number that surprised me, there's only seven million
