Email By David Taylor Updated February 22, 2019 10:34:10 Photo: Donald Mosby’s flood-ravaged home in Mundingburra in Townsville. (Supplied: Donald Mosby) Related Story: Alarming rise in the riskiest type of finance, which traps ‘almost everyone’ in a cycle of debt Related Story: Six maxed-out credit cards no barrier to accessing payday loans, inquiry hears Map: Townsville 4810 An alarming number of natural disaster victims are turning to high-cost, short-finance — or pay day loans — to avoid going broke, financial counsellors say. Key points:Financial counsellor receiving distress calls from people who had lost rented household appliances in floodwatersConcern many more flood victims would turn to unaffordable short-term personal loans from payday lendersLegal Aid Queensland concerned a lack of financial literacy in regional centres means many disaster victims see no alternative to payday loans Donald Mosby, who lives in flood-ravaged Mundingburra in Townsville, is among tens of thousands of Queenslanders who are struggling to comprehend what they lost following the recent floods.”I’m in hardship right now — my car’s gone, pretty much everything in my house has mud all over it,” Ms Mosby said.”So yes, finding it pretty hard to get back on my feet at the moment.”After mopping up, financial… Read full this story
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