As household debts mount, so too does the uncollected portion of it. This year, debt collection agencies will handle more than $15bn in unpaid debts representing some five million written-off accounts.
Credit card debt, in particular, has exploded to nearly double its level ten years ago. In aggregate, Australians have now chalked up more than $50bn of it – the equivalent to $3,200 per cardholder. As unemployment rises and the mining boom draws to a close, debt collectors could be set for a smorgasbord.