Ever wonder how much money debt collection companies recover each year in Utah? Let’s put it this way: The returns could build three Real Salt Lake stadiums every year with about $50 million to spare.
Pretty incredible, right?
Utah’s debt collection industry recovers about $380 million a year, according to a recent Ernst & Young report. And in the process, it adds hundreds of jobs and millions of dollars to the local economy.
How big is the collection industry’s impact? Take a look at these statistics:
- Direct collections jobs: 860
- Indirect jobs: 1,804
- Direct payroll: $23 million
- Indirect payroll: $49 million
- State/local taxes: $2.2 million
- Federal taxes: $2.6 million
- Charitable contributions: $953,000
- Employee volunteer hours: 5,300
Now that’s something to be proud of. If you’d like to see the national numbers, here’s the link.