The 3rd party collection industry recovered $54.9 billion in 2010. Imagine for a brief, scary moment what would’ve happened to our economy if those dollars weren’t put back into the economy.
I read with pride a study commissioned by ACA International outlining the impact of 3rd party collection agencies on the U.S. economy in 2010. Because of a very few non-compliant agencies, it is easy for consumer groups to pick on our industry. However, studies like this one help build the argument for our positive impact on the economy, both nationally and locally.
The full report includes impressive stats:
• Industry charitable contributions (monetary and volunteer time)
• Employment directly/indirectly in the ARM industry
• Leading type of debt collected
• Debt totals collected by state (and the top 5 collecting states)
Discover the positive economic impact in YOUR state. ACA International’s report highlights include a map. Click on any state and you will find the survey results for that specific state.
I found it interesting that in my own state (Utah) 3rd party collection agencies recovered $381 million, provided 860 collection agency specific jobs, paid $4.7 million in state related taxes, provided approximately $953,000 in charitable donations and donated 5,300 volunteer hours. That’s a BIG impact in a state with around 2.8 million people!
Share with those outside the industry. If you haven’t yet read this study, I strongly encourage you to do so now! It will help remind you of our industry’s importance to your state and national economic well being. Then share what you find with others, both inside and outside of our industry. Together, we can work to help people understand our industry’s importance to this country’s economic well being.
This article was written by Dave R