Credit Card Complaints on the Rise
Posted by Peter Brady on Mon 20th November 2006 at 10:25 AM, Filed in Credit News
Recent figures from Australia’s Financial Services Ombudsman (BFSO) indicate that complaints about credit cards have increased in the past 12 months, according to new figures. This seems to echo a global discontent with credit card companies and some of their sharper practices.
Ombudsman Colin Neave released the 2005-06 annual report in Melbourne and said that “for the fifth consecutive year credit card disputes have dominated the number of complaints to his office.”
They accounted for 37.5 per cent of complaints about banking products.
Mr Neave said “33,559 telephone calls were made by consumers to BFSO case officers during the past financial year an increase of more than three per cent on the previous reporting year.”
Consistent with many other countries there was also an “increase in consumers experiencing financial over-commitment and hardship because they had been signed to a product, such as a credit card, which they could not afford to make the repayments on.”
(Via The Age)
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