We’ve got something like 6,100 debt collection companies in the United States now, and they are rapidly adding more Americans to their speed-dial lists. In the past year, companies in the industry have bought something like $140 billion worth of delinquent debts..........and we are not in a recession....buy..buy...buy...here's another check...buy...buy...buy....MOM, THERE'S A MAN ON THE PHONE FOR YOU!!

people are forced to decide   being   paying their Best Buy bills o

How biased can you be? Sounds like Mr Markman had a bad spell with collections in the past, knowing that he's an upstanding credit minded individual now writing in the money blog.

The collection cycle allows consumers not only to reduce their monthly load temporarily, at a cost of course, but eliminates over the limit and late fees and allows, typically, a more understood approach to repayment when the 'goons' look at their bills to determine what they're able to handle. That's without even discussing the fact of settlements where repayment is only a fraction of the debt incurred.

This is irresponsible, war mongering type reporting. Wonder why nobaody blogged this bull$hit? How about keeping your own personal problems out of it, Mark.

I hope that the President or the CEO never have be called on like the company they own.  The creditors are ruthless, insensivetive and greedy!!!!!!!!!!!!

It is very sad that as a "professional writer" you have to slander a persons occupation to get people interested enough to read your articles.  While I readily agree that there are some collector's in the professon that do use harrassing tactics, the industry as a whole doesn't benefit from those few, and as a rule we don't tolerate them either, (I personally wouldn't pay one of them calling me).  We would much rather have kind, friendly people performing the task of calling to remind someone of a missed payment.  Please try to refrain from belitting others to make yourself and or your befiefs known, it just cheapens what you have to say. Dean

Sounds like Markman was the mark once upon a time. Collectors referred to as 'goons', then at the end of the article it's recommended to HIRE them?

Tid bit confused there, Jon? I guess the next thing you'd recommend would be chinese toys for the tots, right after your article on lead paint, right?

If you wanna pitch collections as a good place to put your money, why don't you highlight the billions of dollars collections returns to the companies already in your portfolio before making further recommendations as to how to save yuour portfolio...

Based on the interpretation of statements it appears you sympathize with the plight of those who spend beyond their means and choose not to repay the money they have spent. At the end of the day the CHOICE to use credit is a CHOICE not all Americans make. The CHOICE to over spend or to take advantage of credit offers is a CHOICE we Americans have assumed is our right and forgotten that it is a privelage. Nonetheless, there is an odd school of thought that actually believes the service performed in the recovery of delinquent debt helps to stimulate an economy by increasing employment and recovering a fraction of the money loaned allowing our economy to continue. However, some people such as yourself feel without any measurable amount of thought, that we should simply pretend the money was never loaned out at all and close our eyes, ears, and wallets to the idea that it should be repaid.  

Jon Markman- it's interesting that you refer to those of us in the "debt collection industry" as goons, parasites or provide your under valued opinion of a companies name.  This industry is the reason we havent hit a depression.  We recycle something like 16 billion dollars into the economy, preventing your BANK from raising YOUR crdit card  interest rate.  Us "goons" are the ones protecting those who have good credit from suffering the wrath or the banks because of this country's inability to teach people the value of a dollar.  So, before you continue to bash us...maybe you should find out what we do...then just say thanks.

To avoid choosing which bills to pay, maybe folks should save up and pay cash so they won't have bills. also, buy food and necessities on sale and or with coupons to keep costs down. 2nd hand clothes and shoes never hurt anyone either. Garage sales have lots to offer. the real issue is: people have to drop the attiude of entitlement and that they have to have the "best" of everything.

Jon Markman uses the right term for the companies such as "Asset Acceptance Capital"---parasitical.  Liz Pulliam Weston has several entries regarding "Zombie debt collectors" who use sleazy tactics to extract money from long overdue debtors.  Over $500 was drawn from my B of A checking account last fall for a debt I have no record of.  I finally resolved it but I had to go outside bank officers. I have been with Bank of America since 1965 but I stilll prefer their services and my accounts will stay with them.  Thanks for the column.