From an economic standpoint, consumer debt refers to debt incurred by individual consumers (not corporations, businesses or governments for instance). Such debts are usually incurred as a means to fund consumption as opposed to investments – used to buy goods that are consumable, and usually will not appreciate with time.
Consumer debts include debts incurred on credit cards, personal and/or payday loans and unsecured loans taken to fund personal needs. Such consumer financing options usually attract high interest rates (compared with secured investment financing e.g. mortgages) which could mean greater difficulty for individuals when repaying them.
Whatever the type and origin of consumer debts, lenders need to be able to recover money that has been lent out, because their very survival is hinged on it. Debtcollect.com.sg has for years been working with clients from banks and other lending institutions, credit card companies, higher purchase dealerships and other institutions to help them recover sums owed from debtors who have defaulted on payments.
Depending on the volume of debts that need to be resolved, we have helped such clients by customizing packages for them, to come up with tailored profitable solutions that preserve their profitability and deal with the issue at hand. With such solutions, these clients can quickly have an outcome within the least amount of time possible.
Consumer debt collection services from debtcollect.com.sg are also available to small businesses, most of which deal directly with consumers. The services help these businesses mount pressure on non-paying customers to make good on sums owed in order to maximize their profitability.
Small businesses have lesser working capital cushion for their operations, and therefore are always in need of speedy resolution of outstanding debts, which is what we at debtcollect.com.sg are known for. What’s more, favorable debt resolution chances are always better with earlier commencement of follow-up and debt recovery procedures than later. As a business, the sooner you begin, the better, so contact us today for your custom package.