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Debt Collection Agencies

Debt Collection Agencies

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Executive summary

The Debt Collection Agencies industry comprises operators that pursue payments on debts owed by individuals and businesses. Industry revenue is expected to increase an annualized 0.4% to $17.9 billion over the five years to 2022, including an expected 0.6% increase in 2022 alone. During the current period, the industry has contended with stringent supervision from the Consumer Financial Protection Bureau (CFPB), which increased in 2020 and 2021 in light of the COVID-19 (coronavirus) pandemic and its negative consequences for households' financial security. Thus, industry revenue decreased in 2020 as consumers and businesses would benefit from several temporary moratoriums instated by the federal government. Over the five years to 2022, COVID-10 (coronavirus)
economic assistance has aided industry profit, increasing to 12.2% in 2022. However, the industry has also had to contend with increased oversight by the Consumer Financial Protection Bureau (CFPB) due to the coronavirus pandemic's effects on consumer finances.
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industry revenue;

industry profit;

industry margin;

industry employment;

industry major players;

industry key external drivers;

industry product & structure segmentation;

industry key trends;

industry Life Cycle;

industry Geographic Breakdown;

industry Key Success Factors;

industry Key statistics for previous years;

forecast of industry Key statistics for the next 5 years;

Reference Wordlist

BARRIERS TO ENTRY
High barriers to entry mean that new companies struggle to enter an industry, while low barriers mean it is easy for new companies to enter an industry.

CAPITAL INTENSITY
Compares the amount of money spent on capital (plant, machinery and equipment) with that spent on labor. M-Ysland LLC uses the ratio of depreciation to wages as a proxy for capital intensity. High capital intensity is more than $ 0.333 of capital to $ 1 of labor; medium is $ 0.125 to $ 0.333 of capital to $ 1 of labor; low is less than $ 0.125 of capital for every $1 of labor.

CONSTANT PRICES
The dollar figures in the Key Statistics table, including forecasts, are adjusted for inflation using the current year (i.e. year published) as the base year. This removes the impact of changes in the purchasing power of the dollar, leaving only the "real" growth or decline in industry metrics. The inflation adjustments in M-Ysland LLC`s reports are made using the US Bureau of Economic Analysis’ implicit GDP price deflator.

DOMESTIC DEMAND
Spending on industry goods and services within the United States, regardless of their country of origin. It is derived by adding imports to industry revenue, and then subtracting exports.

Colloquial Terminology

ACCOUNTS RECEIVABLE
Money owed to a company for goods or services it has sold.

COLLECTIVITY RATE
Also known as a recovery rate, this rate is calculated by subtracting recovered income from total outstanding debt. The higher the rate, the greater percentage of income recovered.

NONREVOLVING CREDIT
Credit unable to be used after payment, including auto, home and student loans.

PRIMARY PLACEMENT
An account that is between 90 and 270 days past due and has the highest recovery rates and lowest commissions.

REVOLVING CREDIT
Credit lacking a fixed number of payments that can also be used again after payment, such as credit cards.

Details

The level of debt in the United States has increased during the current period as the Federal Reserve (Fed) has kept interest rates low while economic activity expanded. Due to the coronavirus pandemic, the Fed has further lowered rates in 2020 and 2021 to maintain liquidity in financial markets and stimulate business and consumer borrowing.
Low interest rates generally encourage more household debt by consumers, creating the prospect of higher demand for industry services as creditors attempt to collect on delinquent accounts. However, as of May 2022 in response to inflationary pressures, the Fed has committed to raising interest rates over the next few years. If they go through with the rate increase the industry will likely see lessening demand for industry services since borrowing for consumers and business will be more costly.

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