Credit Card Ethics
CREDIT CARD LIMIT LAWS
WHAT MEASURES CAN BE PUT IN PLACE TO TRY TO SLOW THE SPIRALLING GROWTH OF CREDIT CARD DEBT IN STUDENTS?
WHAT ARE THE CURRENT LAWS?
There are current laws that dictate what financial institutions should base their criteria for credit card limit increases on.
The UCCC ( Uniform Consumer Credit Code ) is a government body that was created in response to business and consumer concerns as a national initiative to standardize credit practice within Australia.
In this code of practice there are simple laws that require credit lending facilities to provide all relevant information, and to take necessary credit checks to make sure that consumers and businesses can handle the level of potential debt.
There are many criteria that each lending facility uses for credit analyses, some including;
- Gross Income
- Current Liabilities
- Current Assets
- Weekly budgets
- Spending habits
- Dependant children
The UCCC contractually binds banks to......
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