If you find yourself in the situation that you are unable to pay your credit card debt balance off each month then there are steps you can take to reduce your interest charges.
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Not all credit cards are created equally. And so it makes it that much harder to decide which credit card offer to choose. There are many factors you sh.....
$10,000 exit fee to switch mortgages 13 August 2009
Borrowers are being locked in to high interest rate mortgages because exit fees on variable rate mortgages are so high. The average exit fee on a variable rate mortgage is about $900 although some non-bank lenders charge $10,000.The principal solicitor at the Consumer Credit Legal Centre, Katherine Lane, says many people tried to switch mortgages to a better deal when interest rates fell but found the exit fees were prohibitive."Is there a giant problem here? Yes. There's a lot of people locked into shocking interest rates with terrible exit fees that I talk to every day," Lane says non-bank lenders have been the worst offenders but banks also charge high exit fees.Melbourne Business School professor of economics Joshua Gans says customers do not factor in exit fees when signing up for a mortgage. Gans says lenders can raise rates once a customer is locked in because the exit fee stops them from switching.
