Employment of bill and account collectors is projected to decline by 10 percent from 2022 to 2032, according to the U.S. Department of Labor (DOL).
The collection industry has undergone consolidation in recent years, as larger agencies have increased market share, and smaller agencies have downsized. This has decreased employment, as overlapping positions have been terminated. Further industry consolidation should continue to limit employment growth for collectors.
In addition, the increasing efficiency of collectors is anticipated to slow employment growth for this occupation. The introduction of new software and automated calling systems is expected to increase productivity and allow collectors to oversee more accounts. Finally, some collection jobs will likely to be sent to foreign countries where salaries are lower.
Although some collection jobs will likely be sent to other countries, creditors should continue to hire some collectors in the United States. This is because demand for cash flow is causing businesses to hire more and more debt collectors. Also, America's debt is growing. American households carried a total of $17.796 trillion of debt in Q2 2024, with an average of $104,215 per household, according to the Federal Reserve. Total debt was at an all-time high as of Q2 2024.
Medical debt remains a financial albatross for Americans. The PETERSON-KFF Health System Tracker analyzes data from the U.S. Census Bureau's Survey of Income and Program Participation. It found that 20 million people owed medical debt (at least $220 billion) as of 2021. Health insurance plans frequently do not adequately cover payment for medical procedures, and patients are often left with large bills that they have difficulty repaying.
Despite the prediction of declining employment, the DOL says that job prospects will actually be favorable since many people leave this occupation for fields that offer higher pay, less stress, and more opportunities for advancement. In addition, a few sectors will offer strong employment prospects for collection workers. For example, job opportunities for collection professionals who work in the warehousing and storage sector will increase by 13.2 percent through 2032. This is much faster than the average. Other promising sectors include outpatient care centers (+6.9 percent, faster than the average) and agencies, brokerages, and other insurance-related activities (+2.9 percent, about as faster than the average).
Economic recessions also increase the amount of personal debt that goes unpaid. Therefore, unlike many occupations, collection workers usually find that their employment and workloads increase during economic slumps.
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