Report warns responsible lending law overhaul could leave people ‘drowning in debt’ – ABC News

Financial counsellors predict everyday consumers will feel the impact of debt and irresponsible lending for years if the Government goes ahead with plans to wind back responsible lending laws.
Key points:

• Planned changes would put onus on consumers to make sure they can repay loans
• The banking royal commission recommended the laws be left unchanged
• Financial counsellors have reported people in grim situations, even with current protections

A report by peak body Financial Counselling Australia found…

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