The federal government’s proposal to bring in tighter consumer credit laws is a positive, but long overdue, move, it has been claimed.

Earlier this week, the government issued a Green Paper aimed at reforming the regulation of various financial products including credit cards.

A subsequent editorial by the Geelong Advertiser has noted that the proposals aim to make banks “smarten up” about who they extend credit to, how much credit they extend and what they charge.

It suggested that while such reforms may affect the decision of Aussies looking to compare credit cards and other loan facilities, they may ultimately improve the rights of consumers generally.

“The upshot, of course, is that the cost of credit will rise, and that access to credit will become tougher,” said the newspaper. ” Read full article…