Description
This article explains the laws regulating credit cards and includes a discussion around credit card debt management.
Introduction
The name John Biggins may not sound familiar, but the banking industry has much to thank him for. Mr Biggins, a Brooklyn banker, was the brains behind the very first credit card in 1946. Known as the Charg-It card, it led to Diners Club membership cards and store cards, revolutionising the way everyday people shopped.
Australia began with store cards, Diners Club and American Express, but in 1974 when the Bankcard was launched, we really jumped on board.
Today we have almost 16 million credit cards in circulation, a fact that has caused successive governments to regulate, and further-regulate, their use.
In order to protect card users, credit card providers are subject to stringent rules.
Here’s a round-up of the main ones:
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