Mortgages. Credit cars. Student loans. How much money do you owe? Americans owe over a trillion dollars in debt and that number grows steadily every year. Debt is a big issue that effects all industries and almost everyone.
People from all walks of life owe money. It’s the way the world works. Based on your financials a lender can credit you money, which must be repaid – typically with interest. In a perfect world, everyone repays their debt on regular intervals. Unfortunately, it’s not a perfect world and sometimes people cannot make their payments.
This is when a debt collector gets involved. Debt collectors are hired by companies and creditors to track down debtors and collect payments on overdue bills, payments, and loans. They are essentially the middle man between the people who owe money and the companies and industries that need to collect their money.
It’s the debt collectors job to track down debtors and attempt to collect payments. They review contracts, listen to customer’s situations, offer advice, establish repayment plans, and report to credit bureaus. They have to follow all state and federal laws, which makes it quite a complex job.
As long as people borrow and owe money, debt collectors have a highly stable job that offers a high degree of job security. There are lots of entry level debt collector jobs. To land one you typically only need to have a high school diploma. Plus, this job is growing. The BLS expects it to grow by 15% by 2022.
Why aren’t you a debt collector? It’s big business. Over 58,000 people work as debt collectors in the US. You can too. Use these debt collection resources to help you learn more about this niche.
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