The Bureau of Labor Statistics (BLS) anticipates that between now and 2106, the debt collection industry will experience a 23% rate of growth, a much faster rate than the average for all industries. According to the BLS, much of the increased demand for debt collection services will come from doctors’ offices, hospitals and government agencies, including the IRS.
While the value of many publicly-traded companies is falling in today’s slowed economy, publicly-traded debt collection agencies are becoming great investments. At the same time, the number of debt collection companies is growing, in part because more and more consumers are falling behind on their debts and also because new technology and online training is making it profitable for even very small home-based entrepreneurs to get into the debt collection business.As a result, according to Smart Money Magazine, the number of debt collectors has doubled since the early 1990s and the revenue generated by debt collection agencies has tripled to $15 billion. Last year agencies recovered nearly $40 billion in debt. PriceWaterhouseCoopers survey provides additional evidence that debt collection business is booming - BIG!
