money news

Qantas baggage excess, women overspend, advice compo

In hip pocket money news, summer flights could get more expensive on Qantas, women overspend proudly and the risk of seeing more credit defaults.

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In hip pocket money news, just as we plan those Christmas and summer holidays comes news that Qantas will increase their excess baggage charges by 75 per cent.

According to Fairfax Media reports the Qantas hike equates to a hit of $70 for the first excess piece of luggage and $90 for each additional piece.

The tip is to pack light and keep those Christmas gifts down in weight and size!

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Credit default pain

Interest rates may be at record lows but when it comes to credit cards, the charges are still causing pain.

New figures show that nearly 3 million Australians could be at risk of credit default, which could hurt their credit score and ability to get loans in the future, says Fairfax Media.

While some credit cards will offer 0 per cent interest periods, it’s common for credit cards to charge up to and around 20 per cent.

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Are women more likely to overspend?

According to consumer and commercial data provider Veda, 13 per cent of women overspend because they think they deserve it, compared to 23 percent of men.

This could be because women tend to make the most consumer purchases and are more regular shoppers or frankly because studies show a little splurge can actually make women more productive.

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Compo ahead for bad financial advice

Finally some compensation to customers who were charged for advice services they never got.

An investigating by the financial regulator, the Australian Securities and Investments Commission (ASIC), has found the big banks and AMP will most likely have to refund more than $178 million to 175,000 financial advice customers, Fairfax Media reports.

The Commonwealth Bank of Australia was the biggest offender and as a result is said to owe customers $105 million for charging them for advice annual reviews that never occurred.

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