More Business Owners Turning to Collection Agencies

While many self-employed professionals, small business owners and entrepreneurs are working hard to find ways to survive the economic downturn, one business sector is setting new records due to the recession.


Business owners in the collections industry report the recession is creating record-setting business conditions.  The economic downturn is historic because business owners and entrepreneurs that have never had trouble collecting payment from clients are now facing the worst cash crunch the collection industry has ever seen according to industry insiders.

According to the latest numbers from the Commercial Collection Agency Association, the dollar totals placed in collection by one business against another soared to almost $4.7 billion in the second quarter nationwide!  That’s up almost 40 percent from $3.35 billion for the same period last year.

Last year was also a historic year for commercial collection agencies. A record $14.3 billion in business accounts nationwide were placed in collection in 2008, a 23.2 percent increase from $11.6 billion in 2007 according to the Commercial Collection Agency Association.

While the amounts continue to rise, collection firms report rising bankruptcy filings are making it very difficult to recoup the money.

You will find many more articles on managing money on SBTV.com along with streaming videos and podcasts all aimed at small business owners, the self-employed and aspiring entrepreneurs.

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s