BANKRUPTCY UPDATES

Debtors and Collectors: Both Sides of the Coin

Unable to pay off your credit card, medical debt or even your house payment? As debt adds up and collectors are knocking at your door, you could be facing having to file either Chapter 7 or Chapter 13 bankruptcy. Check out this informative infographic on the Debtors and Collectors: Both Sides of the Coin and learn more.

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Debtors and Collectors: Both Sides of the Coin

Debt is everywhere and it comes in many shapes and sizes. If your account goes from black to red quickly, you may find yourself unable to pay off the debt immediately, especially after fees that may accrue over a period of time. Even if you don’t have a negative balance, it’s important to be vigilant and aware when it comes to your credit card bills.

In this infographic, you’ll learn about debt trends, collection agencies and how the industry is affected by credit card users’ financial obligations

Third-Party Debt Collection Agencies

In 2010, there were 148,272 jobs in this industry.
During that same year, over $54.9 billion was collected from debtors.
Employees of these agencies earn on average $33,500 annually.
62% of debt collectors are exclusively telephone operators.

Debt Collectors Giving Back

In 2010, third-party debt collectors donated $85 million to charitable foundations.
Employees spent nearly 652,000 hours attending company sponsored charity events nationwide.

Conclusion

Debt is a serious matter and should only be taken on with a reasonable plan to pay back the borrowed amount. The average American citizen debt is decreasing as time goes on and hopefully will result in fewer and fewer calls from agencies seeking to settle negative accounts.

This infographic was brought to you by Total Bankruptcy.

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