Australians will be protected from running up excessive debt with multiple credit cards under a new federal government plan.
Their ability to repay credit limits within a reasonable period will require assessment in a suite of measures to be introduced before the end of 2017.
Unsolicited offers of credit limit increases will be banned, how interest is calculated simplified, and online options made available to cancel cards or reduce credit limits.
“It is vital that we protect vulnerable Australians from predatory behaviour which seeks to make a quick buck from people’s misfortune, and compound their financial hardship,” Treasurer Scott Morrison said in a statement on Thursday.
But Labor dismissed it as re-announcement of changes the gover…
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