Published by: Credit Services Association Search for original: Link
Key Take Aways
Susceptibility to online misinformation is heightened among consumers experiencing financial difficulties, notably those seeking debt relief.
A significant proportion of disengaged consumers may be influenced by misleading online advice advocating questionable legal tactics to avoid debt repayment.
Misinformation can lead consumers to adopt costly and unproductive strategies, resulting in financial and mental health harm.
The increase in social media use has greatly amplified the spread of financial misinformation, with many sources lacking verifiable credentials.
Misinformation often targets vulnerable consumers by promoting false legal frameworks such as maritime law or the Magna Carta to challenge creditors.
There is a critical need for cross-sector collaboration between industry, trusted consumer sources, and regulators to effectively counter misinformation.
The authorities should en...
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