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PM to crack down on credit card rates
PRIME Minister Kevin Rudd is worried about credit card interest rates, and says the Government is reviewing regulation of the industry. Mr Rudd said his advice was there was between 500 and 600 credit cards available with interest rates ranging from 8 to 28 per cent. "I am concerned about the extraordinary spread of interest rates out there," he told Fairfax Radio Network today. "Of course consumers can choose ... but we are having a very close look at the extent of which they are being properly regulated." Mr Rudd said the banks had a responsibility to pass on cuts in official interest rates to credit card holders. "In terms of the responsibility of the banks ... to bring down their rates appropriately as well, yes, that should happen," he said. "Is it happening as fast as it should? Well, I think we would all like to see faster action on these questions." |
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