Debt boom may be a profit boom for debt collectors
Personal credit levels increased by 15 per cent last year, almost double the growth in business debt. To mercantile agencies, this pipeline of “fresh debt” equals more work and higher profits. The growth has been driven by easier access to personal loans and credit cards. In the past decade alone, total credit card balances have grown from under $6 billion to more than $30 billion with four out of five adult Australians now in possession of a card.