Debt relief deal turns into bankruptcy trap for 20-year-old

A 20-year-old service industry worker says his attempt to resolve credit card debt through a debt consolidation company instead escalated into bankruptcy proceedings and high-cost borrowing, in a case that has raised concerns over the practices of some debt relief intermediaries. The man, identified as Sam, told Sing Tao Probe, a sister publication of The…

One in four young people gamble to pay bills

Eight in ten gamblers aged 18-24 (83%) will bet more frequently in 2026 due to major sporting events like the World Cup, with a quarter (25%) doing so to help cover essential bills, according to new research from Nationwide. By comparison, less than half (37 per cent) of those over 55 expect to gamble more.…

Why Australia’s HECS-HELP system is under pressure

Rising costs At first, HECS-HELP fees increased steadily but not alarmingly. That changed in 2020 with the introduction of the Job-ready Graduates Package, a sweeping reform that more than doubled fees for many humanities subjects, while the cost for STEM, nursing, education and health courses were reduced. “Previously, the system broadly aligned costs with expected…

Hodge raises remortgage and debt consolidation LTVs

Hodge Bank has increased loan-to-value limits across its residential and later life mortgage ranges. The specialist lender will now allow debt consolidation up to 90% loan to value, up from 85%, across its Hodge Resi and Hodge Resi Retire product ranges. It has also increased its maximum loan to value for remortgaging to 95%, from…