Debt Collection Statistics And Results

The amount of debt collection that collection agencies see is really only a fraction of the overall debt turned over to them for collection. Any amount they can actually collect is a bonus for them, since they are assuming that most debts are uncollectible.Have a debt collection attorney look into what you can do about your debt with concern to debt collectors.

Debt Collection

MSN Money provides some interesting statistics on debt collection agencies:

•  “In July 2005, the FTC won a record $10.2 million court judgment against National Check Control after accusing the debt collector of illegally threatening consumers with arrest and wage garnishment. Again, many of the consumers targeted by National Check Control didn't owe the original debt, the FTC said.

• The FTC charged that as much as 80% of the money collected by Capital Acquisitions and Management (CAMCO), a large debt-collection firm, came "from consumers who never owed the original debt in the first place." These consumers typically paid the company to stop its harassment of themselves, their families, their friends and their co-workers. CAMCO agreed to a $300,000 civil penalty in March 2004. The FTC received more than 2,000 additional consumer complaints about the company and the FTC eventually shut CAMCO down.

Another statistic that you may never have considered is that your consumer debt is making you sick. On Credit.com, the article “Five Ways Your Debt May be Making You Sick,” discusses the affects of debt on your health.

Five Ways Consumer Debt Makes You Ill

• Silent Stress
• Sleep Debt
• Diet and Debt
• Unhealthy Coping
• Costs of Healthcare

Silent Stress of Debt and Debt Collection

Silent stress is when you have headaches and migraines because of the stress of your financial situation. It also includes heart attacks and depression. Depression is very likely when people are facing serious money issues and when depression hits, it makes it even more difficult to cope with the financial crisis and move towards fixing the situation.

Sleep Deprivation

When you are worried about money issues, it tends to interrupt your sleep. You toss and turn, thinking about your situation. The less sleep you get, the harder it is to deal with the circumstances at hand. Lack of sleep can be very serious and a factor in developing depression, hypertension, diabetes, and obesity.

Diet and Debt

When facing financial woes, people tend to go more for comfort foods, which aren’t necessarily the healthiest alternative. This trend toward high fat and high sugar foods can also lead to medical illnesses.

Unhealthy Coping

When facing major stress, like money trouble, some people turn to unhealthy habits. Some examples are smoking, overeating, drinking alcohol, gambling, and drug abuse.

Costs of Healthcare

The costs of healthcare can become a vicious cycle because money troubles leads a person to forgo trips to the doctor or cancel their health insurance and then the stress of the money issues cause medical problems that need to be treated by a doctor. But if there is no money for the doctor, healthcare gets cast aside.

Debt Collection Defense

When debt collection agencies call, it can be very destructive to your emotional and physical health. You will want to deal with it immediately so to ensure that you have your health for your future years. Make sure you visit the Fair Debt Collection Act to know your rights in debt collection.

If debt consolidation isn’t working for you, you may want to contact an experienced debt collection attorney. It is important to speak with an attorney who specializes in bankruptcy before making any hasty decisions. Whocanisue.com can help you find an experienced debt collection lawyer in your area to assist you with bankruptcy laws, how to file bankruptcy, and should you file, and what to expect in bankruptcy court.