Through the economic crisis, jobs grow in debt collection

In spite of S&P's credit rating downgrade and Wall Street's roller coaster ride, the debt collection industry experienced impressive job growth between April and June, insideARM reports. During that time period, more than 40 percent of collection law agencies and approximately 50 percent of collection firms experienced growth in their job force. Notable cities that hired employees in these fields included Phoenix, Milwaukee, St. Louis and Atlanta. The influx of employment in the industry, may have positive outcomes on the U.S. economy. Newly hired employees are more apt to spend money on businesses in their area, which not only boosts local economy, but filters through nationally. The more employees a company has, the more efficient it will run. With a bigger workforce, the debt collection industry may experience accounts receivables being paid off at a more frequent rate. This money immediately flows through the economy. In 2010, the debt collection industry employed approximately 140,000 people and paid its employees more than $5 billion in wages, an average of approximately $36,000 per employee, according to IBISWorld.