CBC -International - Debt Collection Rises
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Experts are forecasting the debt collection industry to grow by nearly 30% in the next three years. This is reflected in the rise of delinquent debt recovery recently. This sort of collection now accounts for 30 per cent of all debt collection queries where this figure was 20 per cent in the 1980s
Many businesses have found it difficult during the current economic difficulty but one business that has succeeded is the debt collection and recovery industry, though collecting the debts has become as hard as ever with some repayment agreements beginning from as little as 5 a month. The increase in debt recovery claims has meant more business for debt recovery agencies from businesses that legitimately can't afford to pay.
The number of unemployed people unable to pay, who owe money but are unable to pay debt collectors has increased recently. The collectors have received bad press in the media despite the fact that without debt collection, prices would increase in order to cover costs.. The federal trade commission received more complaints about debt collectors last year than about any other industry.
Debt recovery has amplified in demand so much that specialists are forecasting the industry to develop by up to 26% in the next 3 years. This is reflected in the recently increase of delinquent debt collection. Delinquent debt recovery is now at about 30% of all recovery enquiries whereas that figure was closer to 20% a few decades ago.
An industry-sponsored study says debt collectors save the average U.S. household $354 a year in costs it otherwise would have been charged if businesses raised prices to cover losses instead of recovering it through a collection agency.
Debt collection is one industry that has thrived from the economic slowdown and has provided valuable jobs to many who have been made redundant in other professions.
Article Source: Articlelogy.com
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