Proposal for credit card debt wins the support of consumer advocates

"However, the ASIC triennial proposal is a step in the right direction."

The big banks committed themselves to reviewing their policies and cooperating with ASIC, which is conducting consultations on its three

But the banks also insisted that measures were already in place.

A spokesman for the Australian and New Zealand banking group said the bank supported the three-year repayment proposal, but said it was not responding more broadly.

"We have just received the report this morning, through it, and will work constructively with the regulators on other key discoveries."

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A spokesman for the Commonwealth Bank said that "

The Director General of the Australian Banking Association, Anna Bligh, said the report did not expose poor behavior in the credit card loans

"ASIC's [report] did not identify widespread non-compliance." With responsible loan requirements, however, it is clear that the industry needs to do even more when it comes to helping clients run into debt in the long run, "she said.

" This report is a signal for the future. " industry be more proactive when issuing credit cards to deal with persistent debt, repayments pe u high and products that are not suitable for the customer.

ASIC also points out that four lenders – American Express, Citi, Macquarie and Latitude – credit cards that were open since before June 2012. The rules affected more than 500,000 customers who did not have their regular repayments to repay their highest debts first. All but the latitude have changed or promised to change to the policies.

This report is a signal to the industry that it must be more proactive in issuing credit cards

Anna Bligh

Anthony Spargo said that the current practices of the l & # 39; company were "in accordance with the laws in force"

The ASIC is committed to holding a consultation period on its recommendations before making its latest proposals