Latest news with #ShynekaLong
West Australian
a day ago
- Business
- West Australian
Shyneka Long: Australian woman reveals the eye-watering amount she spent using Afterpay in two years
An Australian has urged other young shoppers to delete 'buy now, pay later' app Afterpay after discovering the eye-watering amount she had spent in just two years. In a since deleted TikTok, Shyneka Long admitted that her Afterpay usage had spiralled out of control before warning people to check what they were spending on the platform. 'This is literally your sign to either delete Afterpay or go and look at your bank statements and see how much money you've spent on Afterpay in the last two years,' the 21-year-old 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**k. 'I could have had a f**king car. Is there like, addiction anonymous for Afterpay? Because where do I sign my whole f**king family up? This is bad. This is so bad.' Afterpay is a buy now, pay later service that enables shoppers to pay for purchases in four interest-free installments over six weeks. Other popular BNPL services include Klarna and Zip Pay — BNPL apps are the third most popular credit product behind credit cards and home loans. However, Ms Long wasn't the only one with an embarrassing Afterpay confession — dozens of other TikTok users flooded the comments section admitting to their outrageous spending habits. 'Babe I'm going to hold your hand when I tell you mine since 2023 is $62,815,' one commenter said. 'I think I might take the cake — $122,502,' another declared. '$29,909 for me, why did you make me go look?!' a third person wrote. Others offered advice, with one user saying that she even set rules for using the app. 'I have a rule for Afterpay: only one at a time, and always wait a month before buying something new/starting a new one.' As of Tuesday, new regulations came into effect for BNPL providers to stop consumers being affected by potentially harmful credit contracts. It means BNPL products are now regulated in the same way as credit cards. The providers will be required to hold an Australian credit licence and, under ASIC, they may be required to complete mandatory checks and inquiries about a consumer's financial situation, including in relation to their income and expenditure, to prevent financial strain.
Sky News AU
2 days ago
- Business
- Sky News AU
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 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.
Perth Now
2 days ago
- Business
- Perth Now
Aussie reveals eye-watering amount she spent on Afterpay
An Australian has urged other young shoppers to delete 'buy now, pay later' app Afterpay after discovering the eye-watering amount she had spent in just two years. In a since deleted TikTok, Shyneka Long admitted that her Afterpay usage had spiralled out of control before warning people to check what they were spending on the platform. 'This is literally your sign to either delete Afterpay or go and look at your bank statements and see how much money you've spent on Afterpay in the last two years,' the 21-year-old 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**k. 'I could have had a f**king car. Is there like, addiction anonymous for Afterpay? Because where do I sign my whole f**king family up? This is bad. This is so bad.' Shyneka confessed to having a shopping addiction. Credit: Shyneka Long Afterpay is a buy now, pay later service that enables shoppers to pay for purchases in four interest-free installments over six weeks. Other popular BNPL services include Klarna and Zip Pay — BNPL apps are the third most popular credit product behind credit cards and home loans. However, Ms Long wasn't the only one with an embarrassing Afterpay confession — dozens of other TikTok users flooded the comments section admitting to their outrageous spending habits. 'Babe I'm going to hold your hand when I tell you mine since 2023 is $62,815,' one commenter said. 'I think I might take the cake — $122,502,' another declared. '$29,909 for me, why did you make me go look?!' a third person wrote. Others offered advice, with one user saying that she even set rules for using the app. 'I have a rule for Afterpay: only one at a time, and always wait a month before buying something new/starting a new one.' As of Tuesday, new regulations came into effect for BNPL providers to stop consumers being affected by potentially harmful credit contracts. It means BNPL products are now regulated in the same way as credit cards. The providers will be required to hold an Australian credit licence and, under ASIC, they may be required to complete mandatory checks and inquiries about a consumer's financial situation, including in relation to their income and expenditure, to prevent financial strain.
Daily Mail
2 days ago
- Business
- Daily Mail
Young Aussie woman exposes the brutal reality of using Afterpay
A young Aussie has exposed the dark reality of 'buy now, pay later' services after she spent an eye-watering $19,000 using Afterpay in just two years. Hobart woman Shyneka Long, 21, was so horrified by her Afterpay 'addiction' she made a TikTok video urging others to check what they were spending. '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,' she 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 an addiction anonymous for Afterpay? Because where do I sign my whole family up. This is bad, this is so bad.' Afterpay is a popular buy now, pay later (BNPL) service that allows customers to pay for items in four interest-free installments over six weeks. But Ms Long wasn't the only one guilty of overspending using BNPL services with others quick to confess their Afterpay sins in the comments of her video. 'I'm going to hold your hand when I tell you, mine since 2023 is $62,815,' one said. 'I think I might take the cake - $122,502,' a second commented. 'My mum had to get Centrelink loans to pay hers back,' a third said. '45k in 2 years, but I've had it since like 2018.. I'm actually ashamed,' a fourth wrote. 'Omg I just checked mine and thought I'd be the same but it's only at $5,885. I'll keep the app,' another shared. 'I got banned from Afterpay when I bought too much and couldn't pay it all off on time, eventually paid it all just way later than they wanted,' a woman commented. Others shared their advice for keeping BNPL spending at a minimum. 'I have a rule for Afterpay: only one at a time, and always wait a month before buying something new/starting a new one,' one person wrote. 'Afterpay can be a really good tool for getting things you want. I've been investing in slow fashion with Afterpay + stuff I've needed like quality luggage etc,' a second said. Data collected in late 2024 found (BNPL) services like Afterpay, Klarna or Zip Pay were used by two in five Australians in the last six months. They are the most popular credit product in Australia, behind credit cards and home loans. Research found Millennials make up 38 per cent of users of BNPL services followed by Gen Z at 13 per cent. Up to 15 per cent of Gen Z BNPL customers didn't believe lenders would check their credit score as part of eligibility for loans. New laws to shift the regulations of BNPL services in line with credit cards came into effect on Tuesday. The new laws require BNPL providers to hold an Australian credit licence, perform mandatory checks on customers' credit scores and financial status, and enforce stricter spending limits. Customers with existing BNPL accounts will not be required to undergo a credit check, only new customers. BNPL loans will also have a larger impact on credit scores, a status used to check eligibility for credit cards, personal loans and mortgages. Moving forward, late and skipped repayments will lower customers' credit scores and outstanding repayments will be considered as debt.
