Unfortunately, debt is quite commonplace here in the United States. Not only are the institutions of this country very often in debt, but so too are the individual people. As a matter of fact, the data that has been gathered on this subject over the course of recent years more than backs up this claim.
For instance, government related debt is quite significant in and of itself. From poor management of money and funding to the debt that has accumulated from years and years back, there is no doubt about it that many parts of this country have systems of government that are already deeply in debt – and growing more so as the years pass one. In fact, statistics show that government debt alone makes up more than 15% (around 16%, to be more specific) of all debt that is collected by various agencies all throughout the country.
Medical debt is also incredibly commonplace, especially as healthcare costs has skyrocketed – and continue to keep climbing and climbing as the years progress, making seeking necessary treatment less and less accessible for people all throughout the country. For those that do not have health insurance, paying for medical services can be just about impossible. However, even those who do have good healthcare plans often find that they struggle to pay off medical bills, with about one fifth of the population with medical insurance of some sort stating that this was the case or had been at some point in time.
With so many people struggling to pay off various types of debts, the need for account receivable collections agencies has increased over recent years. From the third party collection agency to the account receivable collections agent to even the receivable management collection agency, there are a number of different types of collections agencies found here in the United States, from the Idaho collection agency to the Oregon collection agency and far beyond those as well. In total, it has been estimated that there are more than 8,000 debt collection agencies such as account receivable collections agencies and beyond, all located here in the United States. And this total number of collections agencies is unfortunately only likely to continue to grow as the years pass on and more and more debt continues to be accumulated both by the individual people living in this country as well as on a much larger scale too.
The statistics back up the need for these account receivable collections agencies and other types of debt collection services here in the United States, as they show that as many as 70 million people throughout this one country alone were contacted by debt collection agencies such as account receivable collections agencies. And this was just in the lone year of 2017, a number that has only increased in the time that has followed. After all, it takes most people a great deal of time to pay off debt that they have accumulated, something that can be seen particularly strongly in the case of medical debt here in the United States, the significance of which has been discussed at length above.
For many people, medical debt leads to the contact from an account receivable collections agency, as such debt takes quite a bit of time to ultimately be able to pay off. As a matter of fact, the data gathered on the subject again proves this point true, showing that considerably more than 16% of all people will some level of medical debt will take at least a year to pay it off completely, if not even more than that in the long run. For many of these people, collections agencies eventually become involved in order to make sure that the debt is ultimately able to be collected, something that has become more and more of a necessity and more and more commonplace all throughout the country, the entirety of the United States.
At the end of the day, debt collection agencies have become more of a vital part of collecting debt than ever before here in America.