Latitude offers debt jubilee

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Or does it? Via Banking Day:

Latitude Financial Services yesterday became the first Australian lender to offer debt waivers to its most troubled borrowers.

The lender confirmed to Banking Day last night that it will waive half of the outstanding balances on credit cards where customers are able to repay 50 per cent of their debt by May 5.

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About the author
David Llewellyn-Smith is Chief Strategist at the MB Fund and MB Super. David is the founding publisher and editor of MacroBusiness and was the founding publisher and global economy editor of The Diplomat, the Asia Pacific’s leading geo-politics and economics portal. He is also a former gold trader and economic commentator at The Sydney Morning Herald, The Age, the ABC and Business Spectator. He is the co-author of The Great Crash of 2008 with Ross Garnaut and was the editor of the second Garnaut Climate Change Review.