As evident within Defined Terms and Documents, the Writer has conducted considerable research into Predatory Advertising and Unconscionable Credit Card Interest Charging at Usurious Interest Rates Targeted at Credit Cardholders with low Financial Literacy Capacity. 

The RBA is aware that many Australians have inadequate Financial Literacy Capacity to use Credit Card Products without incurring very high Interest Costs and Penalty Fees.  In Dec 2010 ASIC Report 224 (pg 16) noted "53% of Australians (aged 15 to 74) had proficiency less than the minimum required for individuals to meet the complex demands of everyday life and work emerging in the knowledge-based economy, for document literacy and numeracy respectively".

Chapter 1 informs that the Productivity Commission, ASIC the ABS have separately published detailed reports that rank Australians as having between Level 1 (low) and Level 5 (high) for Numeracy and Literacy Skills.  A person assessed at Level 5 possesses up to five times the skills within the particular domain (eg Numeracy, Literacy, Prose etc) than a person assessed at Level 1.  Level 3 was regarded by the survey developers as the ‘minimum required for individuals to meet the complex demands of everyday life and work in the emerging knowledge-based economy’ (ABS 2006, p. 5).

ASIC Report 224 "Access to financial advice in Australia" - Dec 2010 includes:

Executive Summary Point 51  "These results, when considered together with Australian Bureau of Statistics‘ research into Australians general document literacy and numeracy,15 in particular their ability to meet the complex demands of a knowledge-based economy, suggest that about one in two Australians do not have the skills required to make informed choices in their interactions with the financial services sector.16 There is also an identifiable age link, with document proficiency tending to decrease with age."

Footnote 14 (page 16)  "For example the 2008 ANZ study of financial literacy found that 67% of respondents said that they understood the principle of compound interest, but only 28% were rated with a 'good level‘ of comprehension when they solved the problem, ANZ Banking Group Limited, ANZ survey of adult financial literacy in Australia, (The Social Research Centre) ANZ Banking Group, Melbourne, 2008, p. 19."

Footnote 15 (page 16)   "As part of an international study, the ABS measured skills in document literacy, prose literacy, numeracy and problem solving and found that approximately 7 million (46%) of Australians (and 7.9 million (53%) of Australians aged 15 to 74) had proficiency less than the minimum required for individuals to meet the complex demands of everyday life and work emerging in the knowledge-based economy‘ for document literacy and numeracy respectively.”, Australian Bureau of Statistics, Adult literacy and life skills survey results, cat. no. 4228.0, ABS, Canberra, 2006, p. 5."

Footnote 16 (page 16) "These findings have implications for our regulatory regime, which relies upon disclosure as a critical element of our consumer protection system."

Re Footnotes 15 and 16 above, ASIC has ignored its acknowledgement in 2010 that:

 "7.9 million (53%) of Australians aged 15 to 74) had proficiency less than the minimum required for individuals to meet the complex demands of everyday life and work emerging in the knowledge-based economy for document literacy and numeracy respectively" and that therefore "These findings have implications for our regulatory regime, which relies upon disclosure as a critical element of our consumer protection system."