An ASIC report has highlighted some behavior that is shark-like to your Australian payday financing sector, claims Jessica Ellerm.
We utilized to phone them ‘loan sharks’ however now they will have the more moniker that is respected of lenders’. Nonetheless, a recently released ASIC report has highlighted some shark-like behavior coming back towards the sector plus some seriously stressing trends appearing into the ‘emergency’ loan behavior of everyday Australians.
Since 2008, how big is the mortgage market has grown by over 125%, with $400 million in loans written in the year to 2014 june. Is this a barometer for the potentially worrying fall in the nation’s quality lifestyle, if not an indication of this widening gap involving the nation’s richest and poorest? Or, could this be another red banner, combined with dramatic increase in interest-only housing loans that Australians you live more beyond their means?