Debt Collection Credit Facts

Commercial Collection Media Room
A collection Agency that is different

Burt and Associates is a Collection Agency that specializes in Commercial Collections.

Commercial Debt Collection

With commercial debt, accounts receivables and general business debt, it's important to have the facts. We've prepared this page as a way of obtaining a quick industry snapshot by the numbers. Check back on this page frequently as facts will continue to be updated on an ongoing basis.

Business credit facts

 

• Business bankruptcies rise by 49% (according to CCAA)
• Business-to-business accounts placed collection requests valued at $13.5 billion for the 12 months ending Sept. 30, which the CCAA describes as a record level. It broke the previous record set in 2002, when collection requests were valued at $13.2 billion. The report tracks accounts placed for collection with CCAA members
• At the time of the CCAA's survey report in late October, the association said 90% of its members expected the last quarter of 2008 to come with another increase in collection requests from businesses.
• Bankruptcy cases filed in federal courts totaled 1,042,993 for the 12-month period ending September 30, 2008, up more than 30 percent when compared to the 801,269 filings in fiscal year 2007, according to statistics released by the Administrative Office of the U.S. Courts.

Consumer credit facts

 

• Consumer bankruptcies, totaled 1,004,342; a 30% increase from FY 2007.
• The size of the total consumer debt grew nearly five times in size from 1980 ($355 billion) to 2001 ($1.7 trillion). Consumer debt in 2008 now stands at $2.6 trillion. (Federal Reserve debt statistics)
• The average American with a credit file is responsible for $16,635 in debt, excluding mortgages, according to Experian. (Source: U.S. News and World Report, "The End of Credit Card Consumerism," August 2008)
• The average household in 2008 carried nearly $8,700 in credit card debt. (Federal Reserve debt statistics)
• When finances are tight, 59 percent of people would pay their credit card bills last. A majority -- 52 percent -- would pay the mortgage first and 38 percent say they would pay for utilities before paying other obligations. (Source: CreditCards.com survey, December 2008)
• Delinquency was highest in Nevada (1.74 percent), followed closely by Mississippi (1.53 percent) and Florida (1.51 percent). The lowest credit card loan delinquency rates were found in North Dakota (0.67 percent), Utah (0.75 percent) and South Dakota (0.79 percent). (Source: TransUnion, June 2008)
• There are 1.3 billion payment cards - including credit cards, debit cards and store cards - in circulation in the United States. (Source: progressiverelief.com)
• The average American home has 13 payment cards. (Source: progressiverelief.com)
• Americans make over 1.5 trillion dollars worth of credit card purchases annually. (Source: progressiverelief.com)
• The typical credit card purchase is 112% higher than if using cash. (Source: progressiverelief.com)
• Over 40% of US families spend more than they earn. (Source: progressiverelief.com)