The Boston Business Journal is reporting that the business of collecting debts is rising – fast. Revenue is set to reach a 10 year high to $14 billion. That is billion with a “b.” 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 great news for debt collectors. But, what about consumers?
Generally, this is bad news for consumers. 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 business. 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.