'People cringe when you tell them what you do.'
Many Americans struggling with managing their debt become afraid to pick up the phone because of debt collectors. You’ve probably heard stories about deceptive debt collectors, and you may even have been a victim of a debt collection scam. But you’ve probably never heard anything about what it’s like to be working in collections.
Unpopular career choice Becoming a debt collector isn’t exactly a popular career choice. Debt collectors get used to negative reactions from people when they tell them what they do for a living. Bryan Franzoi has spent more than 15 years in debt collection and even though he has worked with some bad collectors, he says the stigma about debt collectors is incorrect. “Ninety-nine times out of 100, there’s a totally wrong misconception,” Franzoi says. “They’re really just trying to put you in a better financial situation.”
Do debt collectors make good money? Debt collectors can earn good money depending on their experience and success in the field. The state you work in often impacts how much you earn as a debt collector even more. For example, collectors in the District of Columbia earned an annual income of $63,570 and $46,470 in Connecticut, but those in Arkansas only earned $31,660. No matter the earning potential, bill collectors ranked No. 27 in Best Business Jobs by U.S. News in 2019.
“Honesty is also a key component of communicating with debt collectors,” explains Franzoi. “A lot of consumers run and hide and not answer the phone, and then we have to hunt them down. If someone answers the phone and is honest with us, we can normally find a solution.” It’s emotional on both sides When you’re trying to get out of debt, it’s often very emotional for you and the debt collector. It’s not just overspending or lavish lifestyles that could lead debt collectors to your door. Circumstances like an illness or unemployment often leads people into debt, which makes the situation even more emotional.
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