Banking On Bad Debt: Collins Financial Expands Through Offering

Austin, TX – With the Federal Reserve Bank tallying U.S. consumer debt at an eye-popping $1.9 trillion as of November, a local debt recovery and financial services company is expanding.

As part of that growth, Austin-based Collins Financial Services Inc. has purchased a call center in Harker Heights, near Killeen, and plans to add 50 to 100 employees at its Austin call center in the next year.

The company also is making a new class of investments available to investors by selling shares worth a total of $25 million in a management company called Collins Growth and Income Fund LLC.

Eight-year-old Collins Financial buys consumer debt that credit card companies and other debtholders write off. It purchases that debt for a few cents on the dollar and then recovers the debts, sells the debt to attorneys or places the debt with attorneys who recover the debt on behalf of Collins Financial for a contingency fee.

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