Debt collector’s say their industry is struggling just like the rest of the economy.   In an odd twist, the debt collection business is booming when you look at the number of new debt collection referrals that have arisen because more consumers can’t pay their credit card and other bills.  However, because more consumers can’t pay their bills, debt collectors are often coming up empty-handed on collections.  Debt collectors are trying new tactics for getting money from cash-strapped debtors.  Some new strategies are accepting a down payment on amounts owed instead of demanding payment in full.  Debt collectors are agreeing to stretch payments out over several months giving debtors the chance to pay of their debts at a slower pace.  Debt collectors are negotiating with credit card debt settlement firms allowing the debtor to pay a reduced amount of their overall credit card debt. 

 

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