ACA International Issues New Study on Debt Collection
Mar 19, 2012 (Close-Up Media via COMTEX) --
Third-party debt collection has an impact on America's and Florida's economies, according to a new study released by ACA International and global advisory firm Ernst and Young based on 2010 data.
"These findings reinforce the critical role the third-party debt collection industry plays as a service provider in recovering unpaid consumer debt on behalf of the public, private and non-profit sectors," said Florida Collectors Association President Quinn Simpson. "Moreover, third-party collectors are actively engaged in Florida communities as employers, volunteers, philanthropists and taxpayers."
The key national findings of this landmark survey about third-party debt collection, as described by the group, include:
-Recovering Assets: In the U.S., $55 billion was recovered on behalf of creditor clients. Third-party collection agencies based in Florida recovered $2.8 billion.
-Creating Jobs: Third-party collection agencies directly employed 148,272 people with a payroll of $5 billion. Indirectly, they influenced the creation of 300,000 jobs with a payroll of $10 billion. Florida collection agencies directly employed 7,494 people with a payroll of $236 million. Indirectly, they influenced a total of 15,407 jobs in Florida with a payroll of $484 million.
-Paying Taxes: Third-party collection agencies and their employees paid $495 million in federal taxes and $509 million in state and local taxes. The total impact of the industry generated $970 million in federal taxes paid and $1 billion in state and local taxes. Florida collection agencies and their employees paid $23 million in state and local taxes and $24 million in federal taxes.
-Giving Back: Third-party collection agencies and their employees contributed $85.2 million and volunteered 652,000 hours to charitable community causes. Florida collection agencies contributed $5.6 million and 37,800 volunteer hours to charitable causes.
"Our nation was built on the premise that those who provide credit, goods and services to consumers have the expectation of being repaid," said ACA International CEO Pat Morris. "Recovering these debts helps organizations survive; prevents layoffs; keeps cost down and credit, goods and services available; and reduces the need for tax increases to cover government budget shortfalls."
The Florida Collectors Association is a Unit of ACA International. ACA is a knowledge-based resource for success in the credit and collection industry.
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