It's been almost 20 years since the publication of "Naked Among Cannibals" on bank culture, and as the Royal Commission shows, nothing seems to have changed. It should be required reading for every bank customer and everyone on the Royal Commission.
So much has changed since my days as a 'Bank Johnny' in the 60s. Back then a bank manager was held in high esteem, and a bank loan was granted only after exhaustive scrutiny and following a number of years with the same bank during which you had demonstrated a habit of thrift and diligent saving. These days thrift and saving are frowned on by banks who describe customers who pay off their credit cards each month in full as parasites.
I'm a parasite. I pay off my credit card in full as soon as the monthly statement hits the mailbox. How could any rational, logical-thinking person make just the minimum monthly payment? At that rate the card would not get paid off until 12 years and 11 months later, while incur-ring interest at 19.74% when the bank's cash rate is under two percent.
If you want to read "Naked Among Cannibals", click here for the first thirty-one pages. To read the other 290-plus, click here and put the $23.95 on the card. You have the next twelve years to pay it off.
