Banking royal commission: credit card horror stories reveal lifelines that help you sink

Banking royal commission: credit card horror stories reveal lifelines that help you sink
 

The first witness at the royal commission into misconduct in the banking, superannuation and finance industry is building a tower of debt.
Imagine you have a credit card with a $5,000 limit, says Karen Cox from the Financial Rights Legal Centre. You have not paid it off in a while but you are meeting the monthly minimum repayments, so the bank offers to raise the limit.
You accept the offer but now the debt is $8,000, and you cannot pay it off. You accept a credit transfer from another financial institution on the promise of 18 months interest-free, thinking to use that time to pay down the... read more

 
13 March 2018 in World News, Views: 110
Source: Guardian
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