The problem is for people who either don't have money or don't know the conditions of their card. In the past credit card interest rates have followed the interest rate cycle. For reasons that a spokesman of the Australian Bankers Association was unable to explain today, credit card interest rates in this cycle have not fallen in line with interest rate falls (as they had with previous cycles). It's a straight out profit gouge from the banks who are struggling with flat profits according to recent results.
