Debt collectors cash in as household debt spirals

Latest Bank of Botswana data indicates that household commercial bank arrears reached P1.1 billion in the second quarter of the year, representing 73 percent of total arrears. Households owed commercial banks P21.5 billion in debt in August, with 64 percent of this classified as unsecured.

On Tuesday, a leading debt collection firm revealed that the industry had been growing in leaps and bounds over the years, while more companies had also created their own in-house departments, owing to the rising arrears position.