Should banks use recovery agents? How do you deal with credit card defaulters?
A question that has been doing the rounds for some time now. Are banks justified in using recovery agents to collect money from defaulters? The banks obviously would love to say yes but are they justified when these recovery agents use a heavy handed approach to recover the debt?
There have been incidents in the recent past where defaulters have been treated badly by these agents and in some cases the result has been fatal. Should banks follow a more humane approach to recover these debts? what is the legal system there for?
It is not fair that people use credit and default on payments, but is there a better way to handle this situation? Perhaps a stricter approval process to begin with? The situation is so bad that banks are now launching campaigns to educate people on how to use credit wisely. What is the best way to deal with this situation?
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I found your site on technorati and read a few of your other posts. Keep up the good work. I just added your RSS feed to my Google News Reader. Looking forward to reading more from you.
Aaron Wakling
In India, the most of defaulters are due to high interest rates/ hide charges/ late fee etc. The foreign banks exploit the maximum. even some banks have 2 to 3 late fee system on different heads. There is no control on the banks, it is open to exploit . The Govt of India must start credit cards for common man with maxi,um benefits.