Banks Increase Profits at Our Expense

NEWS.COM.AU By Nick Gardner February 17, 2008

BANKS have hit both savers and borrowers in a bid to please their shareholders and maintain profits. According to data compiled by financial researcher Cannex, many institutions that have announced rate increases have passed on more than the recent 0.25 per cent rise in the cash rate to mortgage customers - and have refused to give savers the full benefit of the increase.
Credit card customers have also been walloped, with rate rises of as much as 1 per cent...

As for credit cards, Bankwest has raised rates across its range by as much as one per cent, while Commonwealth Bank has hiked rates by 0.84 per cent and NAB by 0.44 per cent. The hikes will pile on the pain for many borrowers, already struggling under record amounts of unsecured debt...