Further crackdowns on credit cards planned by Treasury
Article by Mozo
The Treasury has suggested that banks will be forced to provide further details about credit cards under new banking reforms.
Among the information they could be expected to give out is the amount of interest to be repaid and the time it would take a cardholder to restore their balance if the minimum monthly payment is made, reports the Sydney Morning Herald.
Despite the Treasury saying no final decision has been made on whether to implement the changes, Aussie banks have been given a week to respond to the proposals.
Individuals considering going online to compare credit cards might be encouraged to hear that financial institutions may not be permitted to levy over-the-limit fees.
For those who struggle to maintain a disciplined approach to their plastic, Lifehacker writer Loren Baxter advised picking a card that only has a $1,000 limit.
She claimed this could reduce the chance that large debts will be racked up quickly.
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