Trying to answer this raises questions about just how pro-customer or paternalistic, depending on your perspective we should expect banks to be. In a market where consumers often behave irrationally, should banks be trying to help us out, or waiting for us to slip up so they can maximise profits?
The humble credit card has attracted a large amount of scrutiny from regulators and government in recent years.
There’s been a Senate inquiry, the government is placing new curbs on credit limits, and the corporate watchdog is now reviewing the use of “zero per cent” balance transfers.
The concern is not so much the size of $50 billion in credit card debt. That sounds like a lot, but it’s about 3 per cent of the $1.6 trillion in mortgage debt…
Read the full article at: https://www.brisbanetimes.com.au/money/banking/too-early-for-banks-to-pat-themselves-on-the-back-over-credit-card-changes-20171027-gz9vc4.html
