Book Up

'Book up' or 'book down' is credit offered by stores and other traders for the purchase of goods or services. Book up allows consumers to buy goods now and pay later.

Most traders that offer book up require some form of security, in order to be assured that they will get paid.

In some very remote areas of Australia, book up can be the only or most convenient way to buy goods on credit, or to get cash advances. It can also be a way for consumers to be able to manage their money, where there are no banking services available, besides the local shop.

There are some dangers to using book up as a form of credit. Often, traders may hold your banking key card as security for the credit you borrow at the shop, making it difficult for you to get at your money when you need it. It is not uncommon for traders to hold your key card and in the past, your PIN (Personal Identification Number) as well, in order for them to get their money from your account when your pay comes in.

As the problems caused by using book up have been arising from remote areas of Australia over the past few years, the issues that come with using book up (by consumers) and offering book up (by traders) are starting to be debated.

The Australian Securities and Investments Commission (ASIC) worked with many Indigenous communities and regional centres around Australia to prepare a community action planning handbook called: "Dealing with Book Up: A Guide". This guide is a resource for anyone who may be developing responses to book up in Aboriginal communities, including: community leaders and service providers, non-government organisations, community legal workers, government agencies or private businesses.

"Dealing with Book Up: A Guide" - This guidebook tells stories of what communites and organisations around Australia have done in dealing with book up. The guide provides info on: what book up is and how it works, what individuals can do about book up problems, what communities can do to identify problems with book up and the actions they can take, how to find alternatives to book up and much more!

"Dealing with Book Up: Key Facts" - ASIC has also produced a mini-guidebook which covers the key facts of book up. It is a great, compact resource for anyone who wants the key facts about options for dealing with book up in Aboriginal communities

These links direct you back to the ASIC and FIDO websites with permission of ASIC.