It’s been over 23 years since we all breathed a sigh of relief on the first day of the new millennia. The power grid didn’t stop working. The nukes didn’t launch themselves. The internet did not crash and we all got on with our lives.

Since then, the collections & recovery industry has been operating in long stretches of prosperity with a few disruptions along the way. The economic aftermath of 9/11 was sudden, but it didn’t last long or create many long-term economic issues for creditors or debt collectors. In fact, the economy was in a slight recession at the time of the attacks, bounced back very quickly in 2002, and was roaring along until the summer of 2007, when we first became aware of a subprime crisis that rapidly became a global economic disaster.

The Major Bust

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