ABC’s 7.30 looks at businesses cashing in on people in financial stress

The ABC’s flagship current affairs program looked into businesses that seek to profit from Australians in financial stress, a key campaign area for Consumer Action. The report says these businesses ‘can leave customers even worse off than when they started.

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7.30’s full report, which aired in December 2013, is available here: Financial counsellors urge caution over new industry offering help for budget difficulties

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Much of the report focuses on the activities of a company called MyBudget, a company which claims to assist customers with their personal finances.  7.30 reports that consumers they interviewed who had used its services ‘say MyBudget only made matters worse, charging high fees while mismanaging debit repayments.’

Consumer Action strongly suggests that Australians struggling to pay their bills should call free and independent financial counsellor on 1800 007 007 as a first step.

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