The Commonwealth Bank has admitted to offering repeated credit card limit increases to a customer who was begging them to stop because he had a gambling addiction and a $30,000 debt.
Michael Harris, a qualified roof tiler, broke down in tears on Thursday at the financial services royal commission when he described his experience with CBA and his fruitless attempts to get help.
He told commissioner Kenneth Hayne that he had started gambling seriously with his first CBA credit card in 2015, and within a year he had opened two more credit cards with CBA as his losses increased.
His first card had a $10,000 limit, his second a $7,000 limit, and his third a $8,000 limit.
Roughly a month after he opened his third card account, he sai…
Read the full article at: https://www.theguardian.com/australia-news/2018/mar/22/commonwealth-bank-offered-credit-card-increases-to-problem-gambler