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Calls for ‘responsible service’ of credit cards

3aw drive

There’s calls for tighter restrictions on credit cards.

Finance guru Scott Haywood told Tom Elliott spending had become an “epidemic” in Australia and banks should be forced to treat credit like pubs are forced to serve alcohol.

He recently had a client come to him with an $87,000 credit card debt. They were just 29.

“It’s become an epidemic,” Scott Haywood said on 3AW Drive.

“We have $40 billion of credit card debt, and of that, two million Australians aren’t paying on time.

“The average interest bill is $9 billion a year.

“It’s a huge concern and a huge stress on a number people.”

He suggested implementing a maximum credit card limit – 5% of a person’s income.

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