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The Impact Collection Agencies Have On The Economy

11-12-2012

 

Collection agencies have been referred to as the bad guy for years. Beyond the few bad seeds, collection agencies provide thousands of jobs as well as inject millions of dollars in the U.S. economy in the form of revenue, payroll, and tax revenue.  Recovery of consumer debt by third-party debt collectors on behalf of America’s public, private and nonprofit sectors has significant effects on our nation’s economic health.

Here is the affects a professional collection agency can have in 1 state per the 2011 Ernst & Young study:

Economic impact of Minnesota collection agencies :

Returning Assets

  • Gross Amount Recovered: $1.8 B                                                        


Providing Minnesota Jobs

  • Direct Collections Jobs: 4,765
    Direct Payroll: $183 M
    Direct & Indirect Jobs: 9,458
    Direct & Indirect Payroll: $363 M

 

Paying Taxes

  • Direct State / Local Taxes: $19.3 M
    Direct Federal Taxes: $17.8 M
    Total State / Local Tax Impact: $38.0 M
    Total Federal Tax Impact: $34.5 M


Giving Back to Minnesota

  • Charitable Contributions: $1.5 M
    Employee Volunteer Hours: 17,500


Please see  http://www.acainternational.org/economicimpact.aspx to see what impact collection agencies have nationwide.




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