Possible class action against all Australian Banks for 10%pa

[|-|ercules]

ONE bank has recently changed their interest policy so payments
on amount owing go towards CASH withdrawals on credit cards,
ie. the 20% interest on amount owing, the maximum interest amount.

Previously all banks put repayments towards to LOWEST interest
amount owing and made bank on the 20% status owing until that
was ALL paid off.

If you owe money to someone for $5000 at 20% and $5000 at 5%
and you pay them $5000 towards paying off the capital borrowed,
it goes without saying the money goes towards the 20% loan!!!!!

TOS that state otherwise are an unfair contract, and it was NOT
common knowledge that banks did this.

The banks must pay back 20 years of paying off the lowest interest amount,
if the average Australian has $2000 in credit card debt and is paying an extra
10% interest on half of that p.a.

$100 per year extra paid X 10,000,000 Australians X 20 years
= $20 Billion owed to Australian bankers.

They have 10 years or more of the overcharges on computer record
and should reimburse everyone they ripped off, each Australian should
get on average $2,000.

Herc

--
You can't live high up in the clouds
without a few steps to climb.