Tuesday, October 27, 2009

Crap doesn't begin to describe....

...stuff said by 'experts' who don't understand the fallacy of composition.

"Ditching the big four banks in favour of smaller lenders could save consumers $6.1 billion a year in bank costs, research firm Infochoice says.

Infochoice's quarterly report tracks the average interest and fees charged by the major four banks - Commonwealth, National Australia Bank, Westpac and ANZ.

The report showed that if all major bank customers switched to the lowest-priced products available, they would make an annual saving of $5.4 billion on home loans, $257 million on credit cards and $482 million on other financial lending, including car loans."

Oh my.