Commonwealth Bank offered gambling addict more credit
A MAN who told the Commonwealth Bank he had a gambling problem as he pleaded to escape a credit card debt spiral was instead offered more credit, the banking royal commission has heard.
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A MAN who told the Commonwealth Bank “I’m a gambler, I’ve got a gambling problem” as he pleaded to escape a credit card debt spiral was instead offered more credit.
Roof plumber and tiler Andrew Harris, 30 , told the banking royal commission in Melbourne that after getting his first credit card in 2014, he maxed out three cards due to a gambling problem.
Fighting back tears, Mr Harris said he told bank he wanted to stop getting credit increases.
“I tried to reach out for help and I didn’t get any. I got the opposite; I got more credit increases.”
The bank offered Mr Harris — who already owed $27,000 — an $8000 increase.
The bank put Mr Harris on a hardship program, reducing his debt by $10,000 and stopping interest payments. He still owes $23,400.
The Commonwealth Bank’s executive general manager of retail products, Clive Van Horen, acknowledged the loan should not have been made after Mr Harris revealed his gambling problem.
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