is one of the fastest-growing industries in the United States today, with more and more people falling behind on payments thanks to the downturn in the economy. According to industry experts, making sure that people pay the money they owe is essential to helping the economy function the way it needs to.
A leading organization in this field, the Association of Credit and Collection Professionals, recently came out with new guidelines to instruct those in the industry on how to engage in collection practices in an acceptable way. The ACA's new missive, "The Path Forward: ACA International's Blueprint for Modernizing America's Consumer Debt Collection System," seeks to connect the history of regulation with new developments in the sector, including social network websites such as Facebook and Twitter and email communications. The ACA said making sure the industry ran smoothly could have a major impact on a vareity of sectors around the country. "The collection of consumer debt owed to creditors, government and businesses is an essential economic function that helps drive our nation’s economy," it stated. "ACA members help government recover debt on behalf of taxpayers and work with companies from Main Street to Wall Street that rely on the repayment of credit to pay rent, employee’s salaries, utilities, taxes, insurance and other business expenses." The ACA also pointed to statistics showing that the vast majority of Americans believe in what the industry is engaged in. A survey found that 97 percent of those surveyed believed that paying money owed was a necessary responsibility. It stated that if companies and other organizations weren't able to get the their money, they may not be able to stay in business. In addition, it said that when consumers failed to pay debts, others' opportunity to get credit was reduced. According to its website, the ACA was established in 1939 and is comprised of more than 5,000 professionals from around the globe.