Debt Collection Re-Think
The debt collection industry finds itself often on the wrong end of punching bag practice. While no-one likes to pay back money that they owe when it hurts, the fact of the matter is that the Debt Collection industry is the lubricant that keeps the machinery of American Business moving.
An increasing number of enterprise businesses in the Fortune 500 direct their corporate counsel to utilize the services of debt collection attorneys to enforce payment of judgments, and other “wins” made in court.
In 2016, third-party collection agencies recovered approximately $78.5 billion in total debt and returned $67.6 billion to creditors.
This return to creditors represents an average savings of $579 per household, as businesses were not compelled to compensate for lost capital through increased prices.
US debt collection agencies and their employees were estimated to directly contribute more than $1.5 billion in taxes. This includes:
- $852 million of federal tax.
- $391 million of state tax.
- $286 million of local tax.
The third-party debt collection industry supports an average annual payroll of $4.9 billion.
Debt Collection attorneys and agencies provide significant economic stimulus and can be a make or break factor in business success when businesses are dependent on receivables to make their payroll.
Marcadis Singer, PA is a Florida based law firm, and our firm’s focus is on the process of debt collection. We are proud to be a significant contributor to our clients’ bottom line, and of the support that our industry provides the American Economy.