Why Debt Collection is GOOD for the Economy February 21st, 2012
That’s right, debt collection is good for the economy!
The U.S. economy is strong because those who provide credit, goods and services have reason to expect they be repaid. ACA International commissioned global advisory firm Ernst & Young to conduct a survey in Fall 2011 to research the impact of third-party debt collection on national and state economies, and here is what they found:
For instance, recovering consumer debts helps…
•organizations survive (pay bills, payroll, etc.)
•keep credit, goods and services available
•reduce the need for tax increases to cover government budget shortfalls
Of a net $44.6 billion recovered, third-party debt collection efforts saves the average household $396 annually by helping to keep the costs of goods and services lower. That’s more than those car insurance commercials can promise in savings!
We’re all in this together. For more information about debt, how it works, and how to get out of it, check out www.askdoctordebt.org.