A Payday Loan for a debt collector?
Should I take out a payday loan to avoid the consequences of debt collection? I just met the operations manager of Asian Debt Collection Services, a Singapore government-registered firm whose employees are instructed to use tact rather than violence when persuading debtors to pay up.
Business in booming around the world
The global economic slowdown is a major factor in boosting the debt collecting business. Most of the debtors own companies which are in dire straits. They have lost what they invested and they cannot pay their debts. In 2007, the average monthly debt amount one man collected jumped from $150,000 to about $500 000.
In Australia, the nation’s largest debt collection agency, Dun and Bradstreet, says debts are up, particularly in the last eight months.
In Japan, the financial crisis has transformed the type of people struggling to repay loans. Loan sharks who used to chase after lower-income consumers have been replaced by debt collectors chasing after business owners who borrowed from banks.
How's the Payday Loan business doing?
Trying to collect the debts is a major challenge, especially when things keep going downwards. The Payday Loan business may be immune because the size of the loans is smaller and they never tried to compete with the banks. ... click here to read the rest of the article titled "Debt collecting is booming: A Payday Loan for a debt collector?"