Credit, Debt & Consumer Law
A debt is where a person owes money to another person or organisation. Some debts come from an agreement that allows a borrower to get money, products, or services immediately from a lender and then repay them later (‘credit’). Common types of debt include loans, credit cards, phone bills, and money owed to Centrelink or another government organisation. Fines are also a type of debt.
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What is credit?
Credit is an agreement between a lender and a borrower (such as a bank or financial institution) that allows the borrower to get money, products, or services immediately and then repay the lender at a later time.
The amount of money owed under that agreement is debt. You will need to pay back your debt, usually with interest and fees on top.
What is a debt?
A debt is where a person owes money to another person or organisation.
Common types of debt include debt relating to:
- Car loans, personal loans, and home loans
- Credit cards
- Phone bills
- Buy now pay later services, such as Afterpay
- Rental/lease and consumer agreements, such as renting a TV or phone
- Gas, water, or electricity bills
- Money owed to Centrelink, or another a government department
Fines are also a type of debt. A fine is a penalty for breaking the law, such as speeding, using drugs, and drinking in a public place. Fines can be issued by Courts, the police, or another official such as a Council Ranger.
You can learn more about debts by reading our factsheet here.
What is consumer law?
Consumers have the right to expect certain things when they buy a product or service. These rights are protected under consumer law and are known as consumer guarantees. Consumer law can also protect consumers from certain unfair behaviour by businesses that sell products and services.
When should I get help with credit, debt & consumer law?
You might need to seek legal help if you answer “yes” to any of the below questions:
- Have you received a fine that you don’t agree with?
- Do you have fines that you are having problems paying?
- Do you have someone chasing you for money, like a debt collector?
- Do you have any troubles paying bills such as phone bills, electricity, water and gas?
- Do you have a large credit card debt?
- Are you paying off a consumer lease agreement that doesn’t seem to end?
- Have you been paying off something that is faulty?
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