WATCH THE VIDEO: Debt Collectors - A Consumer’s New Best Friend? Find out why debt collectors are buying every American family an extra 90 gallons of gas in 2008!
Mainstream media outlets: View the official press release regarding the 2007 PWC Report.
Credit and collection industry publications: View the official press release regarding the 2007 PWC Report.
VIEW THE REPORT
View the report in PDF format.
FOR MORE INFORMATION
Contact ACA Public Affairs Director Mark Schiffman at (952) 928-8000, ext. 124, or via firstname.lastname@example.org
DEBT COLLECTORS - A CONSUMER’S NEW BEST FRIEND?
New study shows collection agencies pumped $40 billion back into the U.S. economy, helped save the average American household $354 during 2007
Imagine a debt collector offering to buy the typical American family 90 gallons of gasoline or cover several months of their cell phone bills. A new national study revealed that it’s a reality thanks to the efforts of an oftentimes-misunderstood industry.
“We’re well aware of the negative stereotypes associated with being a debt collector,” said Chris Wunder, president of ACA International, The Association of Credit and Collection Professionals. “The members of ACA International want the American public to know that we are on your side and that the vast majority of debt collection agencies work in an ethical, professional and respectful way to help consumers pay back the debts they legitimately owe. This study is another key step in helping consumers, policy makers and members of the media understand what we do and the benefits we provide.”
ACA International, which represents more than 3,500 of the estimated 4,100 debt collection agencies in the United States, commissioned the study titled “Value of Third-Party Debt Collection to the U.S. Economy in 2007: Survey and Analysis.” It was conducted by global advisory firm PricewaterhouseCoopers and based on a national survey of third-party debt collection firms. Among the key findings:
1. Debt Collection agencies returned more than $40 billion to the U.S. economy in 2007, helping businesses keep costs down and saving the average American household an estimated $354 as a result.
2. The direct and indirect economic impact the industry has on America is massive, with debt collection agencies supporting an estimated 420,000 jobs with a payroll of $15.9 billion during 2007.
3. Of the $152.5 billion in bad debt that private businesses charged off in 2007, debt collectors returned more than $40 billion, representing a 20.9 percent reduction in private sector bad debt.
“What this report shows is what our members have long known – that debt collection companies are an indispensible part of keeping the U.S. economy afloat,” Wunder said. “Businesses large and small rely on ACA member agencies not only to collect unpaid bills, but to help them keep prices lower for all consumers. Never has that fact been more true or relevant than in today’s difficult economic climate.”