Seniors add to credit card indebtedness
Posted
by DPS
Australians have started 2007 with a record $40 billion credit card bill, with older people and retirees adding to the lists of those with credit card problems.
The NSW Consumer Credit Legal Centres says that older people, traditionally cautious about money, were running into credit card problems. The Centre blamed banks for irresponsible lending.
The Centre said more older people were turning to it for help, after taking up credit cards following active marketing for new customers and increased lending limits for existing customers by banks.
The Australian Banking Association has denied that banks were lending irresponsibly.
