Debt Collection Agencies in Canada - Industry Market Research Report

Debt Collection Agencies in Canada - Industry Market Research Report

  • March 2020 •
  • 30 pages •
  • Report ID: 4564420 •
  • Format: PDF
Pay up: The ability to service debt by household is expected to ultimately reduce demand for industry services

Abstract

Debt Collection Agencies in Canada
The Debt Collection Agencies industry in Canada has performed poorly over the five years to 2019 as marked improvements in the ability of both consumers and businesses to service their debt on the original payment terms has hindered industry growth. The aggregate level of household debt has increased during the period as consumers have become increasingly comfortable taking on new debt. However, disposable income improvement and stable economic growth have enabled households to pay their debts at higher rates. Consequently, the rate of insolvencies by consumers has declined during the period. Over the five years to 2024, industry revenue is forecast to decrease. Aggregate household debt is forecast to continue rising over the five-year period, presenting additional opportunities for both individual and corporate debt collection.

The Debt Collection Agencies industry in Canada pursues payments on debts owed by individuals and businesses. Most collection agencies operate as agents of creditors and collect debts for a fee or percentage of the total amount owed. Other agencies purchase debt portfolios from creditors at deep discounts and then pursue outstanding balances for their own gain.

This report covers the scope, size, disposition and growth of the industry including the key sensitivities and success factors. Also included are five year industry forecasts, growth rates and an analysis of the industry key players and their market shares.
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