Whether or not the economy is stable, there are almost always people that will, because of their own financial situation, continue to default on loans or other payments. As this exists so frequently, many believe the debt collection
industry will always be able to find business. Collection jobs are available particularly in hard times, and with the student loan total passing $1 trillion at the end of 2011, they may be here to stay. Jobs available in New York
A recent report from Center for an Urban Future found the collection industry is one of the most lucrative sectors in New York. Because unemployment and high bills plague many living in the urban area, the study noted, recovery companies are beginning to hire agents on a large scale. The report found that by 2018, recovery positions are set to grow by 8.6 percent -representing 200 job openings - within New York City and offer a median salary of $40,000 annually with a minimal amount of training. Outside of working for actual collection agencies, the report explained other industries, including the banking, healthcare, utilities and education sectors, will also be hiring recovery agents. Many people can apply
A position as a recovery agent can be attractive for many different people, Now Hiring found. The study, citing Labor Department information, found there are often lower education requirements, usually calling for a high school diploma or GED, and offers flexible work hours. These advantages could make the position perfect for parents or students, the report specified. While training requirements are generally low, agents can earn from $20,000 to $90,000 annually, Eric Najork, the president of the Collectors Association of New York State, told Center for an Urban Future researchers. Positive impact on economy
Other New Yorkers have also indirectly benefited from the collection industry. According to an Ernst & Young report for the Association of Credit and Collection Professionals, the sector has directly and indirectly created nearly 27,000 jobs in the Empire State, with payroll contributions of approximately $926 million. Agents in New York have successfully recovered $5.3 billion dollars, which is largely put back into circulation, helping the financial situation. Additionally, many New York-based agents have volunteered their time and money to local charities. Companies have made $3.6 million in contributions, while 33,600 volunteer hours have been donated by agents.