Personal loan borrowing has surged to $5.1 billion in the first three months of 2024, approximately three times the level seen in 2021. Australians are using these loans for big-ticket items like weddings and travel, as well as day-to-day expenses, with many consolidating debt to access lower interest rates. The buy-now-pay-later sector has seen shifts due to new responsible lending obligations, making these products harder to access for consumers.

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