Aussie banks grant pensioner $70,000 in credit

Thursday 19 August 2010

Article by Mozo

Two of Australia's major banks have been criticised after a pensioner was granted combined credit card limits of $70,000.

Alec Stubbs, who lives with his wife Pauline in a modest home in Yarrawonga, Victoria, was approved for an ANZ card with a huge $46,000 limit and a Commonwealth Bank card with a $25,000 limit.

Ms Stubbs told the Herald Sun that she only discovered her husband Alec's astonishing credit range – and $36,000 debt – when she opened his mail while he was being treated for cancer in hospital.

"I nearly died," Mrs Stubbs said. "How in the hell could they think a pensioner could really afford this? We are not secret millionaires.

"Even if he asked for this, don't they check into people's circumstances before they throw money around?" The couple both receive a $485 fortnightly aged pension as income.

Such news is sure to interest Aussies looking to compare credit cards in search of the best providers. The Herald Sun said that after it approached ANZ about the issue, the bank remarkably agreed to wipe the $18,600 debt on its account.

Meanwhile, Commonwealth said that its hardship team was available for customers experiencing difficulty.

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