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.....
Banks cut rates on loans and deposits 3 September 2008
All the major banks cut their standard variable home loan interest rates by 0.25 per cent yesterday. All four announced the changes within 10 minutes of the RBA's announcement of official rate cuts at 2.30pm. The cut brings the average home loan rate on a variable mortgage to 9.37 per cent from 9.62 per cent. Banks were reluctant to commit to passing on any further official rate cuts in full. NAB said its funding costs had increased and any further rate cuts would depend on economic conditions and deposit growth. Rates offered on term deposits and in high interest savings accounts are also coming down. The Commonwealth Bank's term deposit rates have fallen from 8.25 per cent to 7.5 per cent in the last two months. CBA said the cut in official rates may not mean a further fall in deposit rates because they were linked to the 90-day bill rate not the official cash rate. NAB said its term deposits rates had begun to fall, but its online savings account continued to offer 7.05 per cent. The 6 month term deposit rate will remain unchanged at 8 per cent. ANZ said its deposit rates remained under review.
