credit cards

Credit Card credit limits to be subject to responsible lending requirements

The recent Senate Inquiry into credit cards found that too many Australians are trapped by long-term credit card debt. Almost half the callers to our financial counselling hotline with credit card debt have debts more than $10,000, and one in 10 have more than $50,000. An average one person a week reports debt exceeding $100,000 and usually juggles at least 5 cards.