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 run riot with no competition 25 September 2008
A lack of competition has allowed banks to "run riot" and push profits back up to levels not seen since the 1990's say banking industry experts. Debate continued yesterday in the industry over APRA figures showing that banks had enjoyed record profit margins while increasing interest rates above official RBA rate rises. Banks argued that the rises were needed because funding costs were rising. University of Western Sydney economics professor Steve Keen said the big banks had been misleading. "Whilst it is true that banks were facing substantially higher costs for their mortgage funds, what they didn't say is that they had an unprecedented rush of new customers from the collapsing non-bank sector, and this boosted their customer base - and their profits - by more than the higher costs were eating away at them" he said. Prescott Securities senior analyst Darryll Gobbett said "I think they are getting back the profit margin they had in years gone by - before the competition came from the likes of Wizard and Aussie". The Australian Bankers Association, said the figures were open to misinterpretation, and that reports of record profits are down to a "statistical anomaly".
