the history of debt collection, debt collection history

The History of Debt Collection

Debt collection is one of the oldest professions around. As long as people have borrowed money, there has been a need to collect that-which-is-owed for its rightful owner. Debt collection agencies and debt collection attorneys are just the most recent evolution in a long line of commercial and legal procedures and regulations.

Debt Collection in Antiquity

Debt collection history goes back as far as the history of debt. The earliest record of commercial debt collection comes from ancient Babylon—a society that protected debtors’ rights but also allowed creditors to recoup delinquent accounts.

small business debt collection

Why Small Businesses Should Hire a Debt Collection Attorney

Whether you are a fledgling entrepreneur or have been in business for yourself for a number of years, many reasons exist to hire a professional debt collection attorney to handle your past due accounts.

The majority of those who own and operate their own business become familiar with the difficulties involved in small business debt collection at some point. Many attempt to collect monies due on delinquent account themselves, and they often completely give up when the task seems insurmountable.

debt collection laws, debt collection laws in Arkansas

Study Shows Role Debt Collectors Play in Alerting Consumers to Identity Theft

Debt collectors can notify consumers about fraudulent charges and work through the situation with consumers. Last year, about 17.6 million consumers in the U.S. age 16 and older reported at least one incident of identity theft, according to the report Victims of Identity Theft 2014 by the Bureau of Justice Statistics. While reported cases of identity theft…

business credit card collections

Debt Collections on Business Credit Cards

There are state-specific regulations in place for business credit card collections in Arkansas. Consider hiring a debt collection attorney to navigate the legal process for your business.

Consumer credit card collections in Arkansas allow businesses to take action through wage garnishments, property liens, and bank account garnishments. But what if the debt owed was accrued by a business with several authorized employees contributing to the total balance? Accounts receivable become complicated when there are multiple responsible parties and none of them are connected by name to the debt.

garnishing wages for loans in default

Consumer Loans in Default: When Wage Garnishment Becomes Necessary

As of February 2015, U.S. outstanding consumer debt was at $3.34 trillion. Creditors, of course, expect regular payments from borrowers; however, sometimes wage garnishment is a necessary step for loans in default.

When a customer is in default for their loans or lines of credit, wage garnishment gives creditors a legal option for recouping consumer debts. The garnishment process in Arkansas is relatively straightforward and can help a business collect on defaulted debts by taking funds from the wages of the consumer to pay for their loans.