ASIC calls for crackdown on card sharks

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.

CORPORATES
AUSTRALIAN SECURITIES AND INVESTMENTS COMMISSION, RESERVE BANK OF AUSTRALIA, CITIGROUP PTY LTD, LATITUDE GROUP, AMERICAN EXERGEN CORPORATION, MACQUARIE GROUP LIMITED – ASX MQG

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google+ photo

You are commenting using your Google+ account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s