Young Aussie discovers 'addiction' after exposing herself to staggering Afterpay debt
An Australian woman from Tasmania has seemingly stunned herself after discovering how much she has spent on Afterpay in two years.
Shyneka Long was left baffled by her Afterpay account as she exposed her debt on TikTok after spending $19,000 within two years.
After discovering her sister's Afterpay debt, the 21-year-old conceded there is an 'addiction' running through her family towards the service.
'This is your sign to literally delete Afterpay or go and look at your bank statements and see how much you've spent on Afterpay in the last two years,' Ms Long said.
'I could've bought a car... I'm really about to expose myself but in the last two years I have spent $19,000 on Afterpay. What the f***.
'I could have had a f***ing car. Is there like an addiction anonymous for Afterpay? Because where do I sign my whole f***ing family up. This is bad, this is so bad.'
Afterpay is a popular buy now, pay later (BNPL) service offering customers to pay for items over four interest-free instalments over six weeks.
Her staggering amount of Afterpay debt seemed to not have stacked up to claims coming from her viewers on TikTok.
One woman said she was 'too scared' to look although her next comment revealed all.
'Oh wait- slay me, only $40k. I say that like it's a good thing,' she added.
'Babe I'm going to hold your hand when I tell you mine since 2023 is $62,815,' another said.
'I think I might take the cake $122,502,' a third added.
One woman gave Ms Long some sound advice by telling her if you don't have the money don't buy it.
'Self-discipline takes strength in all aspects in life,' she said.
'I have a rule for Afterpay: only one at a time, and always wait a month before buying something new/starting a new one,' another said.
An Afterpay spokesperson told SkyNews.com.au their service offers flexible payment options, "empowering" customers to manage spending and budgeting.
"Afterpay empowers customers with flexible payment options, allowing them to manage their spending effectively and avoid revolving debt. We have built a product with strong guardrails: any customer that is not up-to-date with their Afterpay repayments is not able to make another purchase," they said.
"We believe everyone should have access to a safe, simple and transparent way to manage spending and Accenture research shows that 90% of users said Afterpay helps with budgeting (2024).
"The maximum limit an existing Afterpay customer can access is $3,000, earned over time and with proven, on time repayment behaviour. Customers who meet specific credit requirements may be eligible for a $4,000 limit. A customer's spend limit may go down if they don't make on-time payments."
The spokesperson said there are measures in place to protect customers and ensure they manage their spending.
The service does not provide customers with high upfront spending, they cap late fees and don't allow customers to revolve in debt, and if customers do not want a higher limit that's earned over time, they can contact customer service and lower the limit.
According to data from Finder in August of 2024, two in five Australians (41 per cent) used a BNPL service within the last six months.
Gen Z and Gen Y were most likely to use BNPL, with 57 per cent using the services.
Since January 2020 the number of Australians paying back BNPL late fees within the last 12 months increased from five per cent to seven per cent in July 2023.
The Albanese Government has enforced tighter regulation of BNPL services.
Australians looking to use services like Afterpay and Zip could see their credit scores dip if a customer fails to pay off the debt in time.
On Tuesday, BNPL services were placed under the same rules as credit cards, meaning providers will be required to hold a credit license and comply with credit laws regulated by the Australian Securities and Investments Commission.
Existing customers with BNPL accounts will not be required to undergo a credit check, only new customers.
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