Gillard to save us from credit card debt

Prime Minister Julia Gillard has committed Labor to new laws to ban unsolicited credit card limit extension offers and exhorbitant fees for going over credit limits. Credit limits will not be able to be exceeded without the consent of the consumer. “Lots of Australians would have got a shock when they got their credit card bill and they'd run up debts over what they thought was their limit,” she told reporters in Melbourne.

"Lots of Australians would have got a shock when they realised how quickly interest was going to escalate on their credit card, and that's often because even though Australians seek to shop around, they don't have the ability at the moment to compare interest rates because they're not displayed off the same basis.”

Source: Courier Mail

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