Banking royal commission: credit card horror stories reveal lifelines that help you sink
First day of hearings in Melbourne told an everyday story of unmanageable debt made worse and worse
The first witness at the royal commission into misconduct in the banking, superannuation and finance industry is building a tower of debt.
Imagine you have a credit card with a $5,000 limit, says Karen Cox from the Financial Rights Legal Centre. You have not paid it off in a while but you are meeting the monthly minimum repayments, so the bank offers to raise the limit.
Source: The Guardian