Thousands living on borrowed time

A GROWING number of NSW residents are on the cusp of losing their homes to banks and other lenders despite the steep fall in interest rates.

The number of repossession orders in the state dropped at the end of last year, as lower interest rates offered relief to borrowers struggling to repay loans, according to figures made public by the NSW Attorney-General’s Department yesterday. But that trend reversed in January, and consumer credit advocates blame an increase in joblessness.

» Thousands living on borrowed time – The Sydney Morning Herald, 29th April 2009.