Easy loans put fu­ture bor­row­ing on the line

Townsville Bulletin - - NEWS - AN­THONY KEANE

DOU­BLE TAKE: The cost of split­ting EASY per­sonal credit is caus­ing prob­lems for young adults, who are trash­ing their credit files and dam­ag­ing their chances of bor­row­ing money in the fu­ture.

More than half of 18 to 21year- olds do not know what a credit re­port is, ac­cord­ing to re­search com­mis­sioned by Pos­i­tive Lend­ing So­lu­tions.

Man­ag­ing di­rec­tor Tom Cae­sar said it was a wor­ry­ing trend that young peo­ple were cre­at­ing poor credit his­to­ries.

“We are see­ing too many of them with un­paid bills or credit card debts on their credit re­port, or they have gone bank­rupt at 19 for an un­paid phone bill,” he said.

Pos­i­tive Lend­ing So­lu­tions, a na­tional fi­nal­ist in last year’s Tel­stra Aus­tralian Busi­ness Awards, ex­am­ined the credit habits of 5000 young peo­ple and found more than a quar­ter had made a late bill pay­ment.

Pic­ture: MATT LOXTON

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