The United States has seen large increases of debt over the past few years. In 2004 the national debt was 7,379,052,696,330.32. Then in the year 2014 debt was slated at 17,824,071,380,733.82. There are several reasons for this rise in debt aside from the recession that the United States went through. One leading force for the increase of debt is the newly created collection laws in various states. On a federal scale for debt collections the laws are set forth in the Fair Debt Collections Practices Act. However many states and even cities or counties have created their own local collection laws. These collection laws without the correct knowledge allows debtors to skate by without having to pay. It is important to know these laws so when collecting debt one is always compliant. One of the most common ways debt becomes uncollectible is because unexperienced individuals try to collect on debt. An unexperienced, non-specialized individual collecting debt will likely break collection laws. This can cause the debt to be deemed uncollectible and could cause this individual or company to owe money to the debtor. The rise of complicated debt collection laws has created the need for modern approach on debt collection. Century Debt Solutions, Inc. can you in collecting in the modern age.
If you would like more information on debt in the United States please visit the United States Treasure Department website that has more information. To see the data explained here please visit http://www.treasurydirect.gov/govt/reports/pd/histdebt/histdebt_histo5.htm