Approximately one third of all Americans have some collections accounts reported on their credit reports. As the number of Americans with unpaid debts rises, so too do the number of collectors pursuing those debts. This interesting article by Jake Halpern investigates the debt collection industry from the inside.
Here is a blurb from his article:
“NOBODY likes debt collectors. But a great many of us have to deal with them. A recent study by the Urban Institute found that roughly one-third of all Americans have a debt in collections reported on their credit file. For many debtors, that means being called, hounded and even threatened on a regular basis. But what’s it like to be the collector?
According to the Bureau of Labor Statistics, there are roughly 369,000 bill and account collectors in America, and that number is projected to grow. There is a perverse logic at play here. In a stagnant economy, we can barely pay our debts, but we can still pay people to collect on them……”
Read the full article “A Debt Collector’s Day” here.
Interview with Jake Halpern
Also, you can read the following Fresh Air interview with Jake Halpern about his recent book, “Bad Paper.” The interview offers an insightful and frightening look at the largely mysterious world of debt collection.
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