Westpac accused of charging interest on interest?

Westpac, an Australian bank is accused of introducing charging interest on interest from credit cards.

I can understand the disappointment from credit card holders who are currently paying interest on their credit card debt.

However, I believe that no one should pay interest on credit card because they should never allow themselves to accumulate to a level of debt such that one cannot payoff the balance at the end of each statement.

Before blaming bank being the biggest jurk on earth, remember you are the one who willing contribute to their fat bottom lines.

Many may disagree. But I think this is a good kick to the back of those who were more or less careless about their finance.

As bad as it sounds, it may be beneficial to credit card debt holders in the long run. It is time for you to start clean up your debt especially non-deductible ones and/or those attract high interest rate.

By the way, if interest on interest is discovered bad what about tax on taxes?
Government has been doing that for years. Anyone noticed?

Stamp duty on owners-occupying residential property is just one of many example in our lives.
The nasty thing about it is that it creeps up with rising property price further eroding affordability with no benefit being added to home buyers.

So your hard eanred money first get chopped off by the income tax, your remaining income is waiting for yet another one somewhere down the line. I am talking tens and thousands of dollar

Despite all your generous contribution (whether intentional or not), our government still managed to squander most of them. Sigh.....