As one of the richest states in the United States, Connecticut has several problems with its budget and commercial funding. In cities surrounding Bridgeport, corporate giants are leaving and thus cutting jobs and funding to the state. But how has this impacted commercial debt collection in the city of Bridgeport, CT? This article provides information on laws, rates, and other influential factors of Bridgeport’s commercial debt collection industry.

How Bridgeport Stacks Up

For the state of Connecticut, the income of the richest citizens grew more than 15% after the 2008 financial crisis. Despite that, Bridgeport (the state’s largest city) has seen an ever-increasing poverty rate. The state of Connecticut has high taxes, which in turn increases the cost of living and hurts companys’ finances. When companies can’t pay back on their debt, the debt goes to commercial collection agencies like Prestige Services, Inc. This potentially contributes to the corporations leaving Bridgeport and even the entire state. When corporations leave the area, citizens eventually leave the state to find new job opportunities elsewhere.

Bridgeport and the state of Connecticut have a variety of laws that protect both the creditors and debtors. With consumer debt collection, debtors are protected from creditors in situations where income and other assets can potentially be used with a lien. But do those laws affect commercial debt collection?

Commercial debt collection varies from consumer debt collection, and takes a specially educated and experienced office to be successful. It takes a variety of skills and ethical standards to earn commercial debt collection success in Bridgeport. Where firms like Prestige Services, Inc., excels other firms fail; such as in the situation with the Connecticut-based Oxford Collection Agency in which a Board Chairman was sentenced to 60 months in prison for a multi-million dollar fraud scheme (Justice.gov).

To learn more about debt collection laws and rates in Connecticut: https://psicollect.com/Connecticut