Crackdown on buy now, pay later schemes announced as Labor warns of dangers of growing debt

Under government reforms, schemes to be regulated as credit products in Australia

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The Albanese government will regulate buy now, pay later schemes as credit products, due to the growing dangers" of cash-strapped consumers getting too far in debt.

The assistant treasurer, Stephen Jones, announced the reforms on Monday, warning the risks of BNPL disproportionately [affect] women, First Nations communities and people on low incomes".

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