Families urged to avoid back-to-school credit debt

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Families in financial distress have been urged to consider government-backed no-interest loans to pay for back-to-school expenses, instead of credit cards or turning to payday lenders. Source: Good Shepherd.

Stella Avramopoulos, chief executive of non-profit Good Shepherd, said the cost of back-to-school basics combined with the requirement for bring your own devices was stretching the budgets of thousands of Australian families who were already experiencing tough times.

“Our frontline workers are seeing many families struggling financially due to the impact of COVID, and with government supplements being reduced, more people are likely to feel the pressure,” Ms Avramopoulos said.

“We know that the impact of COVID has seen many people experience financial distress who have never needed help before. This is always an expensive time of year for families and we want them to get access to safe, responsible sources of financial information and support,” Ms Avramopoulos said.

Funded by the Commonwealth Government, Good Shepherd in partnership with NAB provides No-interest loans (NILs). These loans can be used to cover a range of back-to-school expenses including books, uniforms, tablets and laptops and even school camps.

“A payday loan or buy now pay later scheme can seem like a good idea, but you can soon find yourself in trouble if you miss a repayment, due to late fees and charges,” she said.

“NILs has been supporting low-income families for 40 years. With these loans you can borrow up to $1,500 and repay only what you borrow with absolutely no interest, no fees and no charges, ever.”

Details: https://goodshep.org.au/services/nils/

FULL STORY

Families struggling with back to school costs urged to avoid fast credit (Good Shepherd)

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