How Much Do Debt Collectors Make and How to Get a Job

Getting a job as a debt collector can be a rewarding career choice, with median salaries ranging from $40,000 to over $80,000 depending on the location and type of debt collection.

Debt collectors typically work in call centers, offices, or on the road, interacting with people who owe money to creditors. They often work long hours, including evenings and weekends.

To become a debt collector, you'll typically need a high school diploma and a strong communication skills. Some employers may also require a background check or certification in debt collection.

The highest paying debt collector jobs are in high demand, and they can earn significantly more than the average debt collector salary. Senior collector, collection team lead, and recovery specialist are the top paying types of debt collectors.

According to the Bureau of Labor Statistics, Occupational Employment Statistics, Occupational Employment and Wages, May 2018, the average hourly wage for bill and account collectors is $17.32. However, experienced debt collectors can earn much more, especially those who work in third-party collection agencies.

Readers also liked: How to Get Out of Paying Debt Collectors

In these agencies, commission structures allow experienced debt collectors to make considerably more than their base wage, in some cases doubling their salary in bonuses alone. Bilingual debt collectors, especially Spanish speaking individuals, are in high demand and often receive a higher wage.

Here are some of the highest paying debt collector jobs, along with their average annual salaries:

These figures are based on national averages, and salaries can vary depending on location, education, and experience. However, they give an idea of the high earning potential in this field.

The average debt collector salary in the United States is $33,865 per year, with hourly rates ranging from $13 to $21. This figure can vary depending on factors such as location, education, and experience.

Debt collector salaries typically range between $26,000 and $43,000 yearly, with the highest average salary found in California. It's not uncommon for experienced debt collectors to make more than $80,000, with some top performers earning upwards of $100,000.

A different take: Debt Collector

According to the Bureau of Labor Statistics, bill and account collectors make an average hourly wage of $17.32, or an annual salary of $36,020. However, commission structures can significantly impact earnings, with experienced collectors potentially earning over $1,000 in monthly commissions.

Here's a breakdown of the average debt collector salary by percentile:

Debt collector salaries can also vary across industries, with the construction industry offering the highest average salary at $34,803.

Debt collectors can earn varying salaries depending on the company they work for and their location. In the United States, the average debt collector salary ranges from $26,000 to $43,000 yearly.

Some companies pay their debt collectors significantly more than others. For example, Yoh pays its debt collectors in San Antonio, TX, $43,827 per year, while Darby Dental Supply pays its collections clerk in Deerfield Beach, FL, the same amount.

The highest average debt collector salaries are found in California, Washington, and Virginia. In California, debt collectors can earn an average of $43,000 per year.

Here are some specific debt collector salaries by company and location:

Keep in mind that these salaries may not reflect the full potential earnings of a debt collector, as many companies offer commission structures that can significantly increase an individual's income.

To pursue a career in debt collection, you'll typically need a high school diploma or equivalent, with some employers requiring a college degree. Many debt collectors start out as collectors with a company and work their way up to management positions.

Debt collectors can work in various industries, including finance, banking, and government, and may specialize in a particular type of debt, such as medical or student loans.

On a similar theme: Can Debt Collection Agencies Call Your Work

When it comes to debt collection careers, educational requirements can vary widely. Most entry-level debt collection jobs will only require a general education diploma.

A college-level education is often necessary for more advanced positions in the collections industry. This includes commercial collection jobs, government collection jobs, or a collection specialist position that relates to accounts payable and receivable in a corporate setting.

A different take: Collection Tips for Debt Collectors

For these advanced positions, a bachelor's degree is typically a minimum requirement, with a degree in accounting preferred. Management positions in collections may require a degree in business administration.

New hires often receive an introductory period of training to learn company policies, procedures, computer systems, and related software required to perform specific job functions.

If you're good with numbers and enjoy interacting with people, a career in bill collection might be the way to go. Bill collectors are responsible for tracking down individuals or businesses that owe money.

You can work as a bill collector in various industries, such as finance or insurance. Some bill collectors specialize in collecting debts for specific types of loans, like installment loans.

There are several job titles in the field of bill collection, including bill collectors, collections agents, and collections representatives. These roles often involve communicating with debtors, negotiating payment plans, and documenting interactions.

Here are some specific job titles you might find in the field of bill collection:

If you're interested in pursuing a career in bill collection, you'll typically need a high school diploma and on-the-job training. Some employers may also require a background check or special certifications.

The job market is constantly changing, and it's essential to stay informed about the latest trends. The average debt collector salary has risen by $5,493 over the last ten years.

This significant increase is a notable trend in the job market. In 2014, the average debt collector earned $28,372 annually, but today, they earn $33,865 a year. That works out to a 8% change in pay for debt collectors over the last decade.

Debt collectors in certain cities or states may have seen even greater increases in pay.

Check this out: Do You Pay Debt Collectors