I’m privileged to be able to speak with Good Money clients about their financial challenges, successes and aspirations. All too often they speak with regret about the time they tried ‘rent to buy’.
Good Shepherd Microfinance is calling for a limit on the cost and length of consumer leases, also called ‘rent to buy’ deals, the introduction of mandatory positive credit reporting for payday lenders and consumer lease companies and the expansion of ‘protected earnings provisions’ to all people on low incomes.
Good Shepherd Microfinance has welcomed changes to Centrepay that will expand services to include low interest loans and savings and provide greater protection for people on Centrelink benefits.
Figures showing almost half of Radio Rentals’ $197 million revenue comes directly from Centrelink payments have led Good Shepherd Microfinance to call for a new “responsible referral framework” to be introduced into the consumer lease industry.