Personal Finance

Template – Market Wrap

Summary  Close  Movement  % Change  All Ordinaries        All Industrials        50 Leaders       Market Turnover         $A  Market Wrap Steven Daghlian, CommSec Market Analyst

Study names unfair credit card companies

Hidden details about the interest charged on partly-paid or overdue credit card balances is unfairly costing customers, consumer advocate group Choice says. A study of 20 credit card companies showed the amount of interest charged on a credit card can depend as much on when a provider stops and starts charging interest and how fairly…

Aussies favour more tax on rich: survey

High-income earners should pay more tax and those less well off are paying too much, a survey shows. The tax survey, by think-tank Per Capita, also found that more people want government spending on services to increase, instead of any further tax cuts, and that taxpayers overestimate the amount of federal and state governments already…

Brace for the variable hits or cover your back

Interest rate rises are on the way; so should you brace for the variable hits or cover your back and lock in a fixed rate? As the economy turns a corner, economic commentators are in two minds about whether borrowers should fix their mortgage at a relatively high interest rate or sign up for an…

Mortgage holders urged to switch lenders

Home buyers and mortgage holders can save hundreds of dollars per month by abandoning the big four banks and using smaller lenders, a mortgage broker says. Property owners are being urged to shop around for savings of up to one per cent, with mortgage broker the Loan Market Group saying the margin between the standard…

Personal bankruptcies up in Dec qtr

Personal bankruptcies in the December quarter were up only slightly from a year before. There were 6,770 new bankruptcies in the December quarter, an increase of 2.1 per cent from the pervious December quarter, the Insolvency and Trustee Service Australia (ITSA) said on Thursday. ITSA is the federal government agency responsible for administering and regulating…

Aust businesses 3rd most confident in world about 2010

Australian private businesses are the third most optimistic in the world about the domestic economy for 2010, a global survey says. The local firms also showed flexibility and entrepreneurial spirit in 2009, making the most of changing economic conditions, a survey by global accounting firm Grant Thornton International found. The survey of medium to large…

Households shrug off rate rise: index

Consumer confidence was just short of a 28-month high in October, as households shrugged off an official interest rate rise and concentrated on further signs of an improving economy. But economists say rising confidence could accelerate the Reserve Bank of Australia’s (RBA) decision to raise interest rates to as high as 3.75 per cent before…

Millionaires to make riskier investments

Wealthy Australians are expected to return to investing in equity and debt markets as trading conditions improve, a survey shows. Local high net worth individuals (HNWI), people with net assets of at least $1 million, are becoming more confident in riskier investments, the Merrill Lynch-Capgemini Asia-Pacific Wealth report says. Australian HNWIs are projected to increase…

Consumer credit laws pass lower house

National consumer credit laws designed to protect people from predatory lenders are a step closer to reality, with the legislation passing the lower house on Thursday. The Rudd government says the national regime will make it less likely that families who can’t meet their debts will lose their homes. The laws will replace the present…