Repossession business booms as economy struggles

The current credit crisis and rising fuel costs mean an increase in business for repo men according to a report by Jaweed Kaleem in The Miami Herald. For National Liquidators, a boat repossessor and auctioneer, “business has tripled in the last 18 months as higher maintenance fees, fuel and docking costs — as well as the real-estate crisis — have put boat owners behind on payments.” A similar increase can be seen in the repo business for other luxury items, such as cars and SUVs.