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Class action success deemed unlikely

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Australian Broker | 18 Jan 2012, 06:00 AM Agree 0
Any class action mounted by disgruntled mortgage borrowers alleging irresponsible lending by banks has been deemed unlikely to succeed
  • Carol Taylor-Denning | 18 Jan 2012, 10:33 AM Agree 0
    What I have found is that it can sometimes be consumer debt that can place some people in financial hardship. Credit cards have been up sold and bundled by many insitutions like getting fries with your burger.
  • Keith Bridges | 18 Jan 2012, 12:15 PM Agree 0
    An International Insurance broker telling the world of irresponsible lending practices!. Somehow I don't think borrowers' have to take responsibility and ownership for their decisions.
  • Skolot | 18 Jan 2012, 12:29 PM Agree 0
    I believe that the only irresponsible part of lending I could think of is Credit Card cross sell. I specifically outlined few times not to offer any credit cards but banks would still do it. At the same time some borrowers must accept responsibility, at all aspects of their lives not just banking. I am sick and tired of people blaming everyone but not themselves, “stupid” police, banks, government, you name it.
  • Robert Kaya | 18 Jan 2012, 07:42 PM Agree 0
    I think, if Credit Cards are used wisely clients can use the banks' monies and yet still can take advantage of up to 55 days interest free credit facilities.However, the banks should be more carefull when they determine the credit limits.
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