“Banks have taken advantage of behavioural biases in the use of credit cards.” Peter Kell ASIC Chairman
ASIC deputy chairman Peter Kell said last week he would look at instances where cards were “obviously poorly suited” to customers’ needs or their financial behaviour.
Banks have to tell ASIC how quickly their credit card customers are repaying their debts, what they are paying in interest and fees over a five-year period. Plus, ASIC will also look at customers’ incomes and expenses.
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