Gambling, Predatory payday lenders

Written on the 2 April 2020 by SAFCA

3. Gambling, Predatory payday lenders

The use of Credit Cards in Gambling

At the end of last year, the Australian Banking Association (ABA) released a consultation paper calling for public views on the use of credit cards for gambling.

A number of key organisations made submissions recommending a ban of the use of credit cards for gambling.  FCA and The Victorian Responsible Gambling Foundation has made a submission to the Australian Banking Association consultation on the use of credit cards for gambling transactions. The Foundation recommends banning the use of credit cards for gambling. We are particularly concerned about the use of credit cards for online wagering. Race and sports betting are among the forms of gambling most associated with gambling harm. More than 20 per cent of people who gamble on these products are highly likely to experience harm. This group is the most likely to use credit cards to gamble.

Predatory Payday lenders

The Stop the Debt Trap Alliance continues to advocate to stop predatory Payday Lending. They issued a joint statement on 26th March, calling on the Government to shut down Predatory Lending. The statement was signed by Financial counselling membership bodies, including SAFCA.

Click here to read the statement.

On the same day, Barnaby Joyce issued an Oped in The Australian calling on the government to address high rates of interest for Payday lending and Credit Cards. You can read the article here.

Barnaby Joyce Oped - The Australian.