In a first, the host of Channel Seven’s Sunrise show will be part of a panel of high-profile finance commentators who will give evidence in Sydney. The others on the panel will be Channel Nine’s Ross Greenwood and Paul Clitheroe, host of the “Talking Money” radio show.

And here’s what they said: Three wise men on how to fix credit cards

‘Jedi mind trick’: How the dark lords of finance built their giant Debt Star

News_Rich_Media: Cost of Living Editor John Rolfe reveals the hidden nasty in balance transfer credit cards.

Credit cards: your ultimate guide. Click for more

Ross Greenwood: What to do if you’re running out of money

News_Image_File: Panel ... Ross Greenwood with Ellen Fanning, who both hosted Nine’s Sunday program. Picture: Brianne Makin.

“Everyone is sick of hearing from politicians and bureaucrats,” said Labor’s Sam Dastyari, chairman of the Senate Economic References Committee.

“We need to make sure there are a range of voices in this debate and Kochie, Ross and Paul are leaders in this field.”

Follow @costofliving on Twitter

Get more from this reporter on Facebook News_Image_File: Credit talk ... Paul Clitheroe, money commentator and financial adviser. Picture: Simon Bullard

Koch said that while Australia needed strong banks, they didn’t have a “birthright to make super-profits”.

“The average Australian gets fleeced every step of the way with their credit cards,” Koch said, from over-the-top surcharges for using a card through to interest rates that haven’t responded to the Reserve Bank of Australia’s moves to lower borrowing costs.

Koch said it was “really unconscionable” that the minimum monthly repayment did not cover the interest on a credit card. This was a bank “tactic to maximise their profit to the disadvantage of the customers”.

Australia’s banks were the most profitable in the world, he said.

“My view is every single Australian is ripped off in some way with credit cards,” Koch said.

Greenwood and Clitheroe did not return calls yesterday. 

It’s thought to be the first time media personalities have given evidence before a parliamentary economics committee. It does happen in the US, Senator Dastyari said.

Liberal senator and references committee deputy chairman Sean Edwards said the credit card issue was “massive”.