The Outlook for Business
The financial pain of Australian Households is tangible. Food and Fuel cost are set to escalate further. Interest Rate Rises have continued to create Mortgage Stress with a dramatic increase in the number of House Repossessions. Debt has been rising 50% faster than income over the last 15 years.About half of all business debts were less than $400. Half of those were young people under 32 years of age. Studies show that these people will be 6 times more likely to default on larger amounts of credit. Creating a culture of debt fraud in our communities in the future. Businesses are failing every day and Bankruptcy is now common place and rising at about 15% per annum. We all need to be much more vigilant in collecting more details about our clients. Businesses are competing more with each other to get paid first. If you are not proactive you will be put at the bottom of the list to be paid.Many businesses are now leaving debt collection to the professionals. We are not just being called as a last resort, but as soon as payment promises are broken.We become an important, specialized extension of their own office, to receive payments in regularly. We have the experience in handling the debtors, coupled with the legal status, and persistence needed to recover those outstanding debts.