Banks and other lenders are being urged to do more to help consumers in a debt trap thanks to mounting credit card bills.
The financial watchdog ASIC says it expects card providers to identify people in difficulty after finding 18.5 per cent of cardholders were behind in repayments, could make only the minimum repayments or had persistent debt.
It’s also proposing new rules to make card providers assess whether a consumer can repay the credit card limit within three years before giving them a card.
ASIC’s Credit Card Lending in Australia report found credit card holders owed $45 billion as at June 2017 and were charged $1.5 billion in fees.
People with multiple credit cards were the most likely people to have problems.
And while some people…
Read the full article at: https://www.sbs.com.au/news/banks-put-on-notice-to-help-those-drowning-in-credit-card-debt
