Original article by Richard Gluyas
The Australian – Page: 19 & 22 : 4-Jul-18
A review of the credit card industry by the Australian Securities & Investment Commission has found that many consumers are finding it hard to repay their debt. ASIC deputy chair Peter Kell says relatively few card issuers actively take action to address such problems. In addition to being in arrears, many consumers have been issued with credit cards that are inappropriate for their needs. ASIC has proposed new rules whereby a consumer’s credit card debt would be restricted to their capacity to repay it within three years.
AUSTRALIAN SECURITIES AND INVESTMENTS COMMISSION, RESERVE BANK OF AUSTRALIA, CITIGROUP PTY LTD, LATITUDE GROUP, AMERICAN EXERGEN CORPORATION, MACQUARIE GROUP LIMITED – ASX MQG