Settlement Guide: Why borrowing responsibly is ‘more important than ever’ now?

The Federal Government has introduced legislation intended to make it easier for both consumers and businesses to access credit.

Hispanic family in front of house, - Getty Images. Source: Getty Images/Ariel Skelley

The proposal aims to simplify the loan application process for borrowers.  The legislation will also lessen a lender’s responsibility to assess and verify a borrower’s ability to repay a loan.  What strategies show borrowers use to borrow money without ending up in financial difficulty?

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Woman going through bills, looking worried. Financial problems can touch anyone. Therefore, it is advised to borrow or spending money responsibly. Source: Getty Images/urbazon