Banks must advertise credit cards responsibly
Thursday 26 April 2012
Article by Mozo
The government is increasingly keen to prevent banks from putting pressure on customers to take out credit cards.
While plastic products can be useful in an emergency, the authorities are concerned that the nation's total $36 billion credit card debt is spiralling out of control.
The Australian Securities and Investments Commission has warned banks and lenders that they must not offer "misleading" promotions that portray credit cards as some sort of saving grace.
Leaders at the body recently urged two of the nation's major banks to change parts of their advertising campaigns, as they fear that people who are already in debt will get themselves into a bigger mess.
If you really are adamant that you want to take out a new credit card, it is best to assess your options before committing to a specific package.
Using a comparison website is definitely the most sensible thing to do, as you can easily see which companies are offering deals that suit your particular needs the best.
Have a question about credit cards? Ask the money gurus at Mozo Answers.