The self-proclaimed three wise men of finance, Ross Greenwood, David Koch and Paul Clitheroe have unloaded n the banks over what they call ‘unconscionable’ credit card lending policies.

Their well-publicised outburst comes at the same time as David Koch prepares to attend a Senate inquiry into credit card rates and policies that has led to Australians plunging into $51 billion worth of debt.

“Consumers have been done in the eye by the banks and their tactics,” said Mr Greenwood of channel Nine.

Growing competition amongst hlenders had not had the expected result of falling rates (due to competition). Product transparency is as opaque as ever. And fees associated with the myriad of credit cardes out there are a veritable confusopoly designed to mislead they unwary.

“Creidt cards have been a rort on so many differnet levels and generally it is the consumer getting skimmed,” chimed in Mr Koch of Channel Seven. He added that current rates, surcharges and fees were totally unjustifiable.

He added that the marketing dollars were being spent by credit providers not on lowering the rates and fees, but on advertising that would increase the profits of the careds.

Mr Clitheroe (previously of Nine’s Money show, host of the Talking Money radio programme and chairman of the federal government’s Financial literacy Board) went inn kicking against zero per cent balance transfer deals.

“They are a debt trap,” he said. “Those who take out the deals were spending more than they earned and the banks knew it.”

Mr greenwood suggested a standardisation of information for all consumers and a stopping of credit providers targeting the vulnerable.

“Why do the poor subsidise the wealthy?” he asked rhetorically.

Banks, he added, shouldn’t determine what constitutes responsible lending.

All three men agreed banks should no longer be allowed to tempt customers with credit limit increases. It should be the customers who approach them.

Moreover, customers with better credit histories should get better rates.

“They can do it with insurance, why can’t they do it with credit careds?”

The trio also suggested that a credit cards’ minimum monthly repayments should at least cover the interest repayments on the balance. Doing this would prevent customers from sliding further into debt.

The three financial experts appeared on a panel as part of the inquiry’s investigation into credit cards. The questions they answered came from the Economic References Committee chairman Sam Dastyari and Liberal senator Sean Edwards.

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