Debtors are paying up

People in debt are paying more of it off. The debt collection company Collection House will report a substantial increase in earnings for the December half.

In a statement to the Australian Stock Exchange yesterday, the company said net profit would be between $5.3 and $5.5 million, compared to $3.4 million in the previous corresponding period.

Earlier guidance was for a 30 per cent increase in net profit but now the company is on track to report a 55 per cent increase.

Collection House chief executive Tony Aveling said debt “collectability” was improving in line with a better job market and rising consumer confidence.

Source: BankingDay