If you are an individual in New York facing insurmountable debt, then debt collectors are generally bad news. After all, many of these companies can leave you feeling stressed by paying you a number of threatening phone calls or issuing a threat of foreclosure.

Granted, there are a number of debt collectors that over step the bounds of what is legal, or even ethical, in order to extract money out of you. But, to be fair, many third-party debt collection agencies play by the book and have had a very positive effect on the nation's economy.

A recent study by ACA International and a global advisory company called Ernst and Young revealed that, based on 2010 data, third-party debt collectors have benefited both national and local economies.

A lot of this comes with the fact that they have, overall, been quite successful in recovering money that was owed by debtors. In fact, the study showed that third-party debt collectors collected $55 billion ($44.6 billion returned to clients) in 2010. By extracting these assets, these companies have kept the cost of many things from inflating, providing a $396 in average savings per household.

Debt collection companies also create jobs for a number of people. The study showed that 148,272 people were directly employed by such businesses, which boasted a total payroll of $5 billion. These companies -- the legitimate ones, at least -- also diligently pay their taxes and many of them also give back through charitable contributions.

But there are always a few bad apples in the bunch, and that is often the source of the unethical debt collecting practices; like threats and constant phone calling. The negative stigma tied in with debt collectors may have you cursing out the first collector that comes knocking. Just know that there are honest debt collection agencies out there that bring positive things to society.

Source: InsideARM.com, "Study reveals third party debt collection impact on economy: $45 billion," Jan. 30, 2012