With the 4-week unemployment rate at 25-year highs, it is clear that finding work is going to be a little bit tough. However, with the economy like it is, and consumers burdened by debt, one industry that is growing — and hiring — is debt collection. CNN Money reports on why debt collection is such a booming business:

[Mark] Neeb attributes the coming collection boom to two things: First, the methods that collectors use have improved significantly and made the process more efficient, leading to the development of a secondary market, where a number of consumer debts are packaged together and traded between firms. As a result, older debts continue to resurface as they’re shuffled around among different groups. Second, because of the change in the bankruptcy law in 2005, debt has become harder to simply wipe away.

And, with the government encouraging further consumer debt, debt collection definitely appears to be a growth industry.

Post from: EveryJoe

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