Car payments, medical bills, credit card obligations – the number of financial commitments can increase with time. When you don’t pay back your money on time or when you flounder on your monthly payments, the debt collectors come into the picture. Debt collection occurs when debt collectors collect debts from consumers or businesses that are bound to pay or repay money they owe. Debt collectors include lawyers or collection agencies that collect debts as part of their business. It is usually easier and cost effective for companies to recruit debt collectors than spend their own time and resources to follow-up on pending payments on delinquent accounts.