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A full-service provider of outsourced receivables management and related services. The Company's primary business is the purchase, collection and management of portfolios of defaulted consumer receivables.
Because the supply of distressed assets should rise and the price should fall in a down market you might think that a firm in PRAA's line of business would thrive, but I'm a firm believer in the old adage that "You can't get blood out of a turnip." By that I mean that no matter how cheaply they're able to buy debt, their collections and recoveries will be so meager that they'll end up on the losing end of the bargain. Many American consumers are tapped out--deeply in debt, and increasingly unemployed and homeless. People in such circumstances will just laugh when collectors warn them about damaging their credit ratings. PRAA will fall on the same hard times as their prey.
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