The debt collection industry plays a critical role in the financial ecosystem, ensuring the recovery of unpaid debts and maintaining the flow of credit in the economy. Over centuries, this sector has evolved from rudimentary and often harsh practices to a regulated industry with advanced tools and technologies. This article explores the history of debt collection, tracing its evolution from ancient times to the modern era, while highlighting the challenges and advancements that have shaped the sector.
Debt Collection in Antiquity
Debt collection is as old as the concept of borrowing itself. In ancient Mesopotamia, evidence of debt agreements can be found in cuneiform tablets, where borrowers pledged assets, land, or labor as collateral. If a debtor defaulted, the creditor could claim these assets or even enslave the debtor.
Similarly…
Read the rest of the article here