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'An offer of a credit card limit increase is just that - it's just an offer,' Munchenberg said.'And customers can choose to accept or decline the offer.' The big four banks all rejected the banking insider's allegations, adding that they had obligations under the National Consumer Credit Protection Act.“Initially, their friends had advised them to consolidate the debt directly into their home loan when refinancing, which would have meant they were financing this debt over 30 years.The advantage for our clients was that it reduced their overall monthly repayments substantially, as they only had one mortgage payment to make.The FSU said banking staff who did not meet sales targets could be fired.In an exclusive Herald Sun interview, the Victorian bank insider revealed tricks staff use to get mortgage holders locked in a cycle of debt.The insider claimed that: The bank insider, who spoke on the condition of anonymity, alleges that banks wish to put home buyers into severe mortgage stress.
” Bartels came up with a plan that allowed his clients to refinance their home loan, consolidate their debts and reduce their overall monthly payments – but without paying unnecessary extra interest in the long term.
However, banks like NAB, ANZ, Commonwealth and Westpac said they were responsible lenders.
Australian Bankers' Association (ABA) chief executive Steven Munchenberg said cardholders could refuse the offers and insisted banks were only offering the extra cash to customers who could afford it.
People need to be savvy with their finances and realise that an offer to jump into credit quicksand is just an offer.
Discipline should prevail in all financial decisions.