Financial difficulty increasing

A GROWING number of Australians are struggling to repay home loans, credit cards and personal loans, the Financial Ombudsman Service (FOS) annual review has found.

The ombudsman’s report, released today, said the not-for-profit organization had witnessed a 19 per cent rise in complaints from 2010-11, with 36,000 disputes received in 2011-12. Of these, half were concerning credit – up 27 per cent. The main factor behind this surge in credit complaints, FOS states, was “a very steep rise” in disputes lodged by people and small businesses in financial difficulty.

See on www.news.com.au

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