What the depression in Australia would do to apt, page-53

I have worked in banking for over 30 years and was actually quite shaken by the findings of the Royal Commission. You really need to be more objective on this one.

Your insurance example has zero relevance to this discussion. When you buy an insurance policy you know up front exactly what it will cost you, yeah it's a pain that you pay a somewhat blended rate across all policies (although most policies have some form of risk tailoring), but these are in no way predatory products. Generally when most people sign up for a credit card, they don't do it with the expectation/intention that they will owe the bank $10k and pay $2k per annum in interest for the next 5-10 years, but this is not an unusual outcome. The fact is that there are a lot of people out there who struggle with budgeting and credit products - the banks know this and prey on them accordingly.