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.....
The government’s banking industry regulator, the Australian Prudential Regulatory Authority (APRA) is proposing that banks hold more capital and high quality liquid assets.APRA says the new liquidity requirements will add five basis points (0.05 per cent) to the interest rate charged on retail standard variable rate loans.The new standards could apply to Australian deposit taking institutions as soon as the middle of 2010, subject to international developments.The head of the nation’s biggest lender, Commonwealth Bank CEO Ralph Norris, says the changes will force CBA to reduce credit availability. He also says Commonwealth will be forced to raise rates on standard variable home loans by between four and seven basis points (0.04 – 0.07 per cent).ANZ chief executive Mike Smith has said publicly he expects the extra regulatory requirements will force him to raise rates on mortgagees by 18 to 20 basis points.Market analysts are also putting numbers on the estimated rate rises that will follow the new liquidity rules.Southern Cross Equities analyst TS Lim broadly agrees with Ralph Norris and estimates that the extra costs will force banks to raise retail mortgage rates by five to ten basis points.JPMorgan's Stephen Walters is at the high end of expectations. He has told AAP that rates on retail mortgages will rise by a whopping 35 basis points (0.35 per cent) when the new APRA standards are implemented.
