Aussies 'are being upsold credit card debt'

Monday 05 March 2012

Article by Mozo

Banks across Australia are "upselling" credit card debt to people throughout the country, it has been claimed.

Speaking to the Herald Sun, head of campaigns at consumer group Choice Matt Levey said that a lot of Aussies were being sold credit cards in the same way that a restaurant would attempt to persuade a customer to add fries or a drink to their meal.

The recent Bankwest Financial Fitness Index showed that just one in four Aussies are deemed to have a tight hold on their monetary situation, while the vast majority are struggling to keep track of all of their debts.

However, this hasn't deterred the nation's lenders from adding to people's problems by luring them into taking out a new credit card with attractive short-term deals.

Mr Levey suggested people were being "bombarded" by banks, who have launched widespread marketing campaigns in an attempt to drum up interest in their products.

"Debt is a very serious thing and it's not necessary to send out four letters in two months inviting you to take on more," he remarked.

Aussies 'are being upsold credit card debt'

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