Victoria backs health warnings for credit cards

Victoria’s government plans to legislate to curtail a range of bank lending practices in the consumer credit segment. The government will adopt recommendations from Consumer Affairs Victoria for mandatory “health warnings” on credit card offers and a ban on pre-approved credit card offers. The government will also review consumer credit laws relating to mortgage brokers and alternative financiers, though the focus of this report may be on “payday lenders” rather than mortgage finance.

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