Predatory Lending to be Illegal
Payday lending and offensively high interest rates are to be outlawed.
How can Latitude Financial charge 30% interest for its creditline account holders when the RBA rate is at 1.5%? Most banks charge 16 -24% on their credit card accounts.
Isn’t this unconscionable conduct?
We’ve seen enough of the bank’s bad behaviour in the royal commission. Let’s end the burden of high interest rates, especially as it’s often those who can least afford it who are saddled with credit card debt and dodgy car finance deals.