GITNUX MARKETDATA REPORT 2024

Must-Know Debt Collection Statistics [Latest Report]

Statistic 1

"Approximately 70 million Americans have a debt in collections."

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Statistic 2

"In 2020, the global debt collection software market was valued at $3.73 billion."

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Statistic 3

"The Consumer Financial Protection Bureau receives around 81,500 complaints about debt collection each year."

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Statistic 4

"1 in 4 consumers feel threatened by debt collectors."

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Statistic 5

"15% of adult Americans have a debt in collections on their credit report."

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Statistic 6

"The debt collection industry generates about $11 billion in revenue per year in the US."

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Statistic 7

"Medical debts account for over $140 billion in collections in the US."

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Statistic 8

"1 in 3 US adults have been contacted by a debt collector."

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Statistic 9

"In 2019, consumer complaints about debt collection decreased by 8%."

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Statistic 10

"Approximately 7,000 debt collection agencies were operating in the US in 2020."

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Statistic 11

"For credit card debt, the industry-wide recovery rate is around 7%."

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Statistic 12

"The Fair Debt Collection Practices Act (FDCPA) prohibits various abusive collection practices and has been law since 1977."

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Statistic 13

"In 2019, the Federal Trade Commission (FTC) received over 136,000 debt collection complaints."

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Statistic 14

"In 2018, student loan debt in collections amounted to $31 billion."

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Statistic 15

"Approximately 2.68% of people in the US filed a bankruptcy petition in 2019."

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Statistic 16

"Debt collection agencies are slated to grow at a 3.1% annualized rate between 2021 and 2026."

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Statistic 17

"In 2018, there were 868 enforcement actions in the US against debt collectors, resulting in nearly $690 million in consumer relief."

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