Employment of bill and account collectors is projected to decline 6 percent from 2014 to 2024.
The collection industry has experienced consolidation in recent years, as larger agencies have increased market share, and smaller agencies have declined. This has decreased employment, as overlapping positions have been eliminated. Further industry consolidation should continue to limit employment growth for collectors.
In addition, the increasing efficiency of collectors is expected to slow employment growth for this occupation. New software and automated calling systems should increase productivity and allow collectors to handle more accounts.
Although some collection jobs will likely be sent to other countries where wages are lower, creditors should continue to hire some collectors in the United States.
Job prospects are likely to be excellent for this occupation. Workers frequently leave the occupation, which leads to numerous job openings.
Unlike many other occupations, collections jobs usually remain stable during economic downturns. When the economy weakens, many consumers and businesses fall behind on their financial obligations, increasing the amount of debt to be collected. However, the success rate of collectors decreases because fewer people can afford to pay their debts.
Bill and Account Collectors
Percent change in employment, projected 2014-24
Total, all occupations
Office and administrative support occupations
Bill and account collectors
Note: All Occupations includes all occupations in the U.S. Economy. Source: U.S. Bureau of Labor Statistics, Employment Projections program