Debt collection agency goes global

by Lulu BM BM

In this quarter of 2015 we have noticed that there are many companies going global. One popular industry is taking up pace and is going global and that is debt collection. Debt collection agencies are going global because of the need for reclaiming back money, or also known as debt recovery.

The world is going into a debt mode. You can see financial institutions cutting down the credit limit of credit cards. Banks are cutting down the amount of money to be loaned and companies are reducing the credit terms for services rendered. All this is because of cash flow with the current economy.

With the need of collecting money for sustainability, debt collection is a common trend. Internet has bridge companies across countries together and services can be rendered globally. Products can be shipped internationally and money can be wired into any bank in any part of the world in just seconds.

In Debt collection Singapore, we have see these debt companies being global debt collectors because of the grant issued by the Singapore Government known as Market Readiness Assistance. This grant also known as MRA actually helps companies in Singapore to expand overseas and giving it monetary support to companies who expands overseas.

With debt collection companies growing, they help improve company cash flow as they recover the debts. The only thing I see is there is no government body now that regulates this.

What are your views to debt collection agencies?