Credit card rules to be tightened

The government plans to tighten credit card rules. Lenders will be required to assess suitability based on a consumer's ability to repay the entire credit limit within a reasonable period. Treasurer Scott Morrison said the government had considered the recommendations of the Senate Economics References Committee report and produced a set of credit card market reforms. The government also proposes to prohibit card issuers from making unsolicited credit limit increase offers, including the ability to seek prior consent.

Source: Banking Day

Advertisements