It’s a sad commentary on our times when the strongest growth in the financial sector is coming from companies that specialize in debt collection. But what do we expect when wages are flat, inflation is rising, mortgages aren’t being paid and people are forced to decide being paying their Best Buy bills or buying gasoline for the commute to work.
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, which is more than double the amount they bought as recently as eight years ago.
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