Borrower beware: how responsible lending changes could put more vulnerable Australians in debt

Borrower beware: how responsible lending changes could put more vulnerable Australians in debt

The Guardian

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Outside the halls of power, the proposed new laws have many asking what the government has learned from the banking royal commission

Carmel has one close friend, two dogs and a $25,000 debt she is paying off at $114 a fortnight.

How the 66-year-old pensioner from the outer suburbs of Melbourne came into debt is a long story. An alcoholic, Carmel quit drinking two years ago only to develop a television shopping habit. When she maxed out a $4,700 credit card, she went to her bank to take out a loan to cover the bill and maybe make some repairs to her home.

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