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Debt Collection Jobs

If your industry has shrunk, if you have been laid off, if unemployment is about to run out, then a career change may be in the picture. Perhaps this is a time for finding a first job. Due to the recent economic woes, either of these options may seem impossible.

Whatever the reason, if you are in the job market, things may be a little rough right now. It should come as no suprise that debt collection jobs are in great supply and perfect for certain types of people.

Consider this.

Data from the Bureau of Labor Statistics puts the unemployment rate at 9.7 percent for the month of January 2010. Add to this figure the rise in foreclosures. Then add to that the increased charge-off rates on credit cards. This equation creates a growth environment for the debt collection industry.

In this section of JobMonkey you'll learn about the entire industry, including:

The Bureau of Labor Statistics predicts that the industry will grow by 19 percent within the decade, upgrading the status as faster than average growth over other occupations with a high demand for debt collectors expected.

They also state that prospects will be favorable for those seeking a career in debt collections. It is a booming industry. Placement of bad debt is increasing. There is a need for collectors to help service that debt. In the industry, job opportunities are increasingly becoming available. For those with a background in a related field, the prospects are even better.

Historically, and even today, collections has a stigma. Due to unfair practices, government regulation on a state and local level has occurred. Reviewing the latest news will unearth constant struggles of consumers struggling with debt collectors and claims of harassment. The result is a change in the way the debt collection industry is operating.

Debt collection is shifting from an aggressive us against them mentality and attempting to achieve a balance of mediation with the consumers they must communicate with. Customer service is finding a place in the industry and some are adding debt counseling and debt management to their operations. This requires new training, a new way of business and a shift from the status quo of aggressive practices.

With that in mind, perhaps a career in debt collection is not so negative. The possibility of making a difference in someone's life during trying economic times may also exist.

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What makes debt collection such a viable option? Looking at entry-level debt collection jobs will reveal that the educational requirements are usually a high school education or equivalent. While experience is preferred, it is often not a requirement for getting the job, as all of them will provide on the job training.

What is even better, according to the Bureau of Labor Statistics, almost all entry-level jobs pay higher than the current minimum wage with the lowest 10 percent earning $10.17, averaged. With some experience, a collector can reach $14.73 on average. Keeping a career path in debt collection can even lead to the top 10 percent, who make $22.07 on average. Collections is a professional career, with many opportunities that exist for those wanting a solid start.

What's more, debt collector jobs statistically remain stable during economic downturns.

Considering the unemployment rate, job security is becoming more important when considering entering into a career.

The Internet is a great resource for finding collections employment and will often provide the best results for looking for a job opportunity in debt collection. Any search engine will provide results on debt collection jobs. Review the popular job boards. Contact employment agencies. There is a growing demand for debt collectors and many entry-level opportunities exist. While it is true that backgrounds in customer service or call center related experience will be an added boost to the resume when applying for these positions, remember that many of these positions are entry-level.

In many cases, these employers appreciate someone with no experience because it is easier to train them in accordance with their policies.

With that said, why wait, a new career could be just around the corner.

 

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