Finance Monthly. Bus i ne s s & Economy 23 People oftendon’t like talking aboutmoney. This goes double for debt. But both are unavoidable parts of modern life. And unfortunately, throughout the pandemic, this has only become increasingly true of the latter. The last two years have changed the world in a myriad of ways, one of which is the lingering debt that thousands more consumers are now having to deal with. Unpaid debt or ‘problem debt’ has soared. Pre-pandemic, there were estimated to be just over 1 million UK households facing problem debt. But by mid-2021, Citizens’ Advice estimated that number would have risen to at least 1.5 million. This increase, coupled with a cultural shift that has occurred since we first entered lockdown, has forced debt collection agencies to reconsider their methods. Digital debt collection is helping to transform the industry, not only for lenders but for borrowers too. A Digital Collection Arjun Mitra President of Global Collections at Firstsource Solution to PROBLEM DEBT
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