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Ride Out the Recession with Buffalo and its Collection Agencies
October 16, 2008
Buffalo is one of the best cities in the U.S. to ride out a recession, so says BusinessWeek. And one of the major reasons is the area's debt collection agencies.
BusinessWeek Wednesday published a list of best cities in which to ride out a recession, and Buffalo, N.Y., a major debt collection agency hub, snagged a spot on the list.
The magazine noted that debt collection – an industry the magazine classified as “lucrative” in the current economy -- is the strongest industry in Western New York.
Other top reasons for Buffalo making the cut were: employment diversity that is less dependent on manufacturing and education.
Also, the city offers employment protection, a factor that makes it attractive in a down economy. Buffalo provides protection for people not only working in healthcare and education, but also for banks and other financial institutions, local TV station WKBW said.
Buffalo has long been a major hub of collection activity. Earlier this year, The New York Times noted that the debt collection industry was filling the void left by manufacturing plant closings in Buffalo (“New York Times Strikes Another Chord for Collectors,” March 21.)
And it’s a trend that is continuing. In August, one of the area’s largest debt collectors said that it was launching a new business line that could bring another 700 accounts receivable management jobs to Buffalo (“Buffalo Debt Collector Could Create 700 New Jobs,” Aug. 14).
The magazine noted that debt collection – an industry the magazine classified as “lucrative” in the current economy -- is the strongest industry in Western New York.
Other top reasons for Buffalo making the cut were: employment diversity that is less dependent on manufacturing and education.
Also, the city offers employment protection, a factor that makes it attractive in a down economy. Buffalo provides protection for people not only working in healthcare and education, but also for banks and other financial institutions, local TV station WKBW said.
Buffalo has long been a major hub of collection activity. Earlier this year, The New York Times noted that the debt collection industry was filling the void left by manufacturing plant closings in Buffalo (“New York Times Strikes Another Chord for Collectors,” March 21.)
And it’s a trend that is continuing. In August, one of the area’s largest debt collectors said that it was launching a new business line that could bring another 700 accounts receivable management jobs to Buffalo (“Buffalo Debt Collector Could Create 700 New Jobs,” Aug. 14).
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Comments
Comment from Anonymous on October 16, 2008 at 2:12PM EST
ok everybody get your snow shovels were movin to buffalo to collect on time-barred junk paper.
Comment from Anonymous on October 16, 2008 at 2:50PM EST
It may be financially viable, but who in the world would choose to live in Buffalo, for any reason?
Comment from Anonymous on October 16, 2008 at 4:57PM EST
Hey we have the Bills.....
Comment from Anonymous on October 16, 2008 at 7:00PM EST
I thought the bills were moving to Canada?
Comment from DONALD DALY on October 18, 2008 at 10:55AM EST
The original Buffalo Wings, Sabres, Bills, Niagara Falls, sports, theaters, musems galore. The only thing they can't get on a regular basis is the snow king trophy, Syracuse lay's claim to that. Collections is inside work and is the second oldest profession known to man/woman...so what's not to like :-).
Comment from Zyklopz9 on November 8, 2008 at 7:20PM EST
I went to school in western New York and have been to Buffalo many times. I am a paralegal in a law firm that specializes in collections down state and would have no problem living in Buffalo. I could still follow the Mets and the Rangers online.
Comment from Anonymous on January 13, 2009 at 4:58PM EST
Where else can you still afford to by a house for under 100k in a neighborhood with good schools? I lived in California, and it was such an awful experience that I will probably never go back.
Comment from Anonymous on January 22, 2009 at 10:50PM EST
Hey Zyklopz9, all Mets and Yankees games are televised in Buffalo in HD!