A recent survey by Ernst & Young and ACA International on the health of national and state economies in the U.S. shows that they continue to rely on the recovery of rightfully owed consumer debt.
This is where third-party debt collectors come into the picture, they are key in the recovery of debts and assisting the economy on the state and national levels.
Some of the key findings about third-party debt collectors from the survey are about job creation, outstanding debt and giving back.
When it came to job creation, the collection agencies directly employed more than 136,000 people, with a payroll of $6.4 billion.
With outstanding debt, third-party debt collectors received approximately 1 billion consumer accounts from creditor clients in 2013, and recovered 7 percent ($55.2 billion) of that debt.
For giving back, these agencies and their employees contributed $130.5 million and volunteered approximately 1.9 million hours to charitable community causes.
From this survey we see that third-party debt collectors collecting consumer debt helps to sustain the economy.