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The ANZ banking group has reported that 11 per cent fewer customers had their credit card limits increased in the first six months of this year as a result of a responsible lending code it introduced in November.
About five per cent were customers who had repeatedly missed payments in the previous six months or had made only minimum payments. Another six per cent were people on fixed incomes such as government pensions.
Brian Hartzer, the bank’s personal division group managing director, said ANZ was seeking other ways to reduce financial difficulty among customers. ‘We want to become better at identifying customers who are getting into financial difficulty at an early stage so that we can offer assistance before their situation worsens,’ he said.
‘We’re also looking at ways we can design products to make it easier for customers to manage their debt. One option is a credit card which allows customers to transfer a part of their outstanding balance to an instalment plan so that they can make set repayments over a specified time.’
About five per cent were customers who had repeatedly missed payments in the previous six months or had made only minimum payments. Another six per cent were people on fixed incomes such as government pensions.
Brian Hartzer, the bank’s personal division group managing director, said ANZ was seeking other ways to reduce financial difficulty among customers. ‘We want to become better at identifying customers who are getting into financial difficulty at an early stage so that we can offer assistance before their situation worsens,’ he said.
‘We’re also looking at ways we can design products to make it easier for customers to manage their debt. One option is a credit card which allows customers to transfer a part of their outstanding balance to an instalment plan so that they can make set repayments over a specified time.’
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