For people living in Utah, outstanding credit card debt is at its second-highest point since 2008 when the Great Recession was occurring in the United States. With such a high consumer debt, what is the status of commercial debt in Utah or its largest city of Salt Lake City?

Crossroads of the West

Known historically as the “Crossroads of the West,” Salt Lake City is known for having a growth economy in service-oriented industries. These industries include government, trade, transportation and utilities services. The city is home to several top companies and notable firms, including Zions Bancorporation, Questar Corporation, Smith’s Food and Drug, and Overstock.com. (Wikipedia.org)

Debt Collection in Salt Lake City

How does commercial debt collection work in Salt Lake City? According to Utah.gov, all commercial collection agencies practicing in Utah must be registered with the Division of Corporations and Commercial Code. Commercial debt collection in Salt Lake City occurs when businesses have outstanding debt to creditors and the creditors hand the debt to collection agencies to handle. The legal interest rate for debt in Salt Lake City is 10 percent and the judgment interest rate is 3.41 percent. The city’s general garnishment exemptions include $142.50 of disposable earnings for wages paid weekly.

Prestige Services, Inc., (PSI Collect) is a professional agency that specializes in commercial debt collection, especially in Salt Lake City, Utah. For more information or help with a debt issue, please contact Joy Baird at (800) 523-2797 or mail@psicollect.com.

Sources

https://en.wikipedia.org/wiki/Salt_Lake_City#Economy
https://le.utah.gov/xcode/Title12/Chapter1/12-1-S11.html?v=C12-1-S11_1800010118000101