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Number of Americans referred to debt collectors reaches all-time high

At some point in their lives, many people have dealt with an aggressive third party collection agency that called relentlessly and sent tons of harassing letters. A new report shows that the amount of people in collections has risen to an all-time high.  According to the Quarterly Report link below, in the fourth quarter of 2012, 14.6 percent of Americans have an account in collections by a third party debt collector.  Why does this matter?  It matters because only debts that are seriously past due end up in the hands of a third party debt collector.  And now more than 1 in 10 Americans have at least one debt that is seriously past due.

http://www.insidearm.com/daily/credit-card-accounts-receivable/credit-card-receivables/number-of-americans-with-third-party-debt-collection-account-hits-all-time-high

Debt settlement is a great option for those facing one of these aggressive debt collectors. Once represented by an attorney, the debt collectors are barred from contacting the alleged debtor by Federal law. It can be very frustrating and emotional for people to deal with these agencies on their own.  Often, an experienced debt settlement attorney can be of great assistance and comfort in dealing with the debts and helping people move on with their lives with the least amount of frustration possible.

 

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Kevin Fallon McCarthy is the McCarthy Law PLC’s managing attorney and an experienced Phoenix debt attorney. Mr. McCarthy has also worked as general counsel for a large corporation. He has corporate counsel experience in human resource matters, general corporate governance, and union class action litigation.