Debt collectors cash in on crisis

Friday 28 November 2008

Article by Mozo

With job losses rising and the economy shrinking, debt collectors are one of the few professions to be doing well out of the crisis.

Such is the claim of the Australian, which has noted that while more people have defaulted on home loan, credit card and car loan payments, repo men have been doing a roaring trade.

The paper noted that young Aussies with a lot of money to burn on expensive cars and other luxuries have been hit hardest by the crunch and as a result are receiving more unwanted knocks on the door.

“A lot of people who work on the mines are suffering. A lot of them have been laid off and a lot of those people did commit themselves to heavy debt,” said Phil Botsis, director of Perth debt collection agency AusDetect.

There have been a slew of redundancies in the mining sector, with Consolidated Minerals staff in Western Australia among the latest casualties.ADNFCR-1761-ID-18903224-ADNFCR

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