You would think tough times would be boom times for debt collectors, but debt collection company First American Recovery Services is filing for bankruptcy. “The amount of debt out there is 10 times what it had been, but the ability to pay is less,” Tim Smith, FirstSource Advantage collections vice president told The Buffalo News. Don’t dance on their grave quite yet. The debts will just get sold to someone else, and usually each generation of debt owners has successively less scruples. But you have to wonder, how long before there is just too much debt that’s just too hard to collect in time before the statute of limitations expires?

Now who’s drowning in debt? Bill collectors [The Buffalo News] (Thanks to Eric!) (Photo: Sharon Cantillon)

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