Aussie banks taking advantage of vulnerable consumers


	Aussie banks taking advantage of vulnerable consumers

rubenerd

4-24-2009 9:32 AM

111 views

tags:

banks, economics, business, australia, news, corruption

rubenerd says:

Not surprising, but no less saddening

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<div style="margin: 12px 0px; font-family: arial; color: #333333; background: #ffffff; border: solid 4px #e5e5e5; width: 100%; clear: left;"><div class="CM_CTB_Content_Wrap" style="margin: 0px; padding: 0px;background-color: #ffffff;"><div style="border-bottom: solid 1px #dcdcdc; white-space: nowrap; margin-bottom: 8px; background-color: #eeeeee ;background-image: url(http://clipmarks.com/images/source-bg.gif); background-repeat: repeat-x; height: 24px; line-height: 24px; vertical-align: middle; padding-bottom: 4px; color: #666666; font-size: 10px;" ><a href="http://clipmarks.com/clip-to-blog/" title="see clips that are hot right now"><img src="http://content.clipmarks.com/blog_embed/57877e83-f5c4-4f5b-8487-3f1100ae6f79/531401F1-138D-406A-8703-B4507C80DEE3/" alt="" width="19" height="19" border="0" style="vertical-align: middle; margin: 0px 4px; display: inline; border: none; float:none;" /></a>clipped from <a title="http://www.abc.net.au/news/stories/2009/04/24/2552302.htm" href="http://www.abc.net.au/news/stories/2009/04/24/2552302.htm" style="font-size: 11px;">www.abc.net.au</a></div><blockquote style="text-align: left; padding: 0px 8px; margin: 4px 0px 8px 0px; background: transparent; border: none;" cite="http://www.abc.net.au/news/stories/2009/04/24/2552302.htm"><P class="first">Banks are being accused of exploiting their most vulnerable customers by offering them credit they cannot afford.</P></blockquote><div style="height: 2px; font-size: 2px; background: #dcdcdc; border-bottom: solid 1px #f5f5f5; margin: 2px 4px;"></div><blockquote style="text-align: left; padding: 0px 8px; margin: 4px 0px 8px 0px; background: transparent; border: none;" cite="http://www.abc.net.au/news/stories/2009/04/24/2552302.htm"><P>Many face bankruptcy with no prospect of paying down debts totalling tens of thousands of dollars and banks are being accused of taking advantage of them during the boom via direct marketing campaigns.</P></blockquote><div style="height: 2px; font-size: 2px; background: #dcdcdc; border-bottom: solid 1px #f5f5f5; margin: 2px 4px;"></div><blockquote style="text-align: left; padding: 0px 8px; margin: 4px 0px 8px 0px; background: transparent; border: none;" cite="http://www.abc.net.au/news/stories/2009/04/24/2552302.htm"><P>Chris Gration from credit reporting group Veda Advantage says those in the greatest financial trouble are the ones most likely to take up an offer.</P></blockquote><div style="height: 2px; font-size: 2px; background: #dcdcdc; border-bottom: solid 1px #f5f5f5; margin: 2px 4px;"></div><blockquote style="text-align: left; padding: 0px 8px; margin: 4px 0px 8px 0px; background: transparent; border: none;" cite="http://www.abc.net.au/news/stories/2009/04/24/2552302.htm"><P>NAB says it is winding back its direct mail campaigns and Westpac is doing the same. </P></blockquote><div style="height: 2px; font-size: 2px; background: #dcdcdc; border-bottom: solid 1px #f5f5f5; margin: 2px 4px;"></div><blockquote style="text-align: left; padding: 0px 8px; margin: 4px 0px 8px 0px; background: transparent; border: none;" cite="http://www.abc.net.au/news/stories/2009/04/24/2552302.htm"><P>But the CBA and ANZ continue to direct market at the same levels they did 12 months ago.</P></blockquote></div><div style="margin: 0px 6px 6px 4px;"><table style="font-size: 11px;border-spacing: 0px;padding: 0px;" cellpadding="0" cellspacing="0" width="100%"><tr><td style="background:transparent;border-width:0px;padding:0px;">&nbsp;</td><td align="right" style="background:transparent;border-width:0px;padding:0px;width:107px" width="107"><a href="http://clipmarks.com/share/531401F1-138D-406A-8703-B4507C80DEE3/blog/" title="blog or email this clip"><img src="http://content6.clipmarks.com/images/c2b-foot.png" border="0" alt="blog it" width="107" height="17" style="border-width:0px;padding:0px;margin:0px;" /></a></td></tr></table></div></div>

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