Get ready for the collection clowns!

Debt collectors ringing up sales

- Bad times for the economy at large can spark good times for the debt-collection industry -

The Boston Business Journal has reported that the debt collection business is going to get bigger - fast. Revenue is set to reach a 10 year high to $14 billion. Revenue is expected to be up 4.8 percent this year and 3.2 percent next year and is one of the top 10 businesses in the country.

This is awesome news for debt collection agencies. But, what about consumers with outstanding debt?

This is real bad news for consumers. Do you need to know why? - Because debt collectors who want to increase revenues are going to get desperate to collect money. And, since the business is getting more profitable, less experienced collectors will get into the collection business to claim their profits. This is going to mean more debt collection violations and more consumers who will get harassed by collectors.

Remember, the best defense is knowing your legal rights. Make sure you have read up on the FDCPA and the Rosenthal Act.

If you are getting call from collection agencies please feel free to consult our debt settlement specialists.

It is also good to know your states statute of limitation regarding old debt.