CREDIT card customers will find it tougher to get plastic under drastic new changes that will force them to repay their debts in just three years.
From January 1 cardholders signing up to a new card must prove they can repay the total limit within this time frame.
Latest Reserve Bank of Australia data shows credit card limits hit a record high in April at $153.9 billion – on an average of about $9400 per card.
Under the changes implemented by the corporate regulator, the Australian Securities and Investments Commission, banks have less than four months to roll out the new rules.
Consumer groups believe the move is a huge win for credit card customers because it will lead to less people running into financial heart…
Read the full article at: https://www.dailymercury.com.au/news/credit-card-crackdown-to-help-customers-get-out-of/3513952/