The loopholes that should be closed to make buy now, pay later safer.

A recent survey conducted by CHOICE in Australia found that 88% of people support closing legal loopholes to regulate buy now, pay later (BNPL) loans like credit cards. Consumer organizations and financial counselors are urging the government to require BNPL providers to verify income and disclose basic credit liability information. These protections are necessary to prevent consumers from falling into debt traps. For more information on this campaign, visit closelendingloopholes.org.au. [Extracted from the article]