The Credit and Collection Industry vs. the Economy

Tuesday, February 23. 2010

We are interested in hearing from those of you who have comments on the economy and how it has affected your agency or collection law firm. Some have seen somewhat of a turn around and others claim that it has gotten worse. How is your firm doing?

Posted by Eric Bragg at 10:26 | Comments (2) | Trackbacks (0)

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The distressed economy has made it even harder to recover cash funds from individual debtors. There is less cash in circulation and just as mnay creditors looking to get their monies due. Business is booming but being busy with claim submissions does not equate to "making money". Costs have increased exponentially with rising costs associated with litigation and healthcare insurance so overhead chews up profits. Debtors have even more excuses for non-payment than ever before and litigation is hampered by courthouse backlogs due to the foreclosure crisis which is ongoing. Creditors who choose to turn over receiveables earlier rather than later are showing the only increase in recovery ratios. All in all, working with debtors instead of putting them out of business seems to be helping stimulate the economy which is a responsibility we all have if we want to keep genrating profit in the future.

#1 Jeffrey Needle, Esquire (Homepage) on 2010-02-25 03:07 (Reply)

The Collections Industry from perspective of jobs and people seeking jobs in collections are definetly lower overall. This time a year ago when an employer would post a job on the job board they would get upwards of 150 applicants. Now a year employers get an average of 60 to 100 applicants. Also the number of job postings are down approximately 22%. However, this lowered number of job postings is being offset by employers using the database to search resumes. Some employers bypass posting a job completely and only search the database of resumes posted by collections specialists. In summary, even with the flood of new debt on the scenes and more people looking for work than has been seen in years, the job market has seen very little "absolute" change.

Joseph Mas - COO
ProCollectionJobs.com

#2 Joseph Mas (Homepage) on 2010-06-22 08:06 (Reply)

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