Debt collection can mean two different things, depending on what side of the table you are sitting on right now. If you are a business owner, then you are most likely have consumers with outstanding balances, and you are looking into your options for debt collection and recovering the money owed to you for services rendered. If you are a consumer with unpaid balances owed to a business, you are most likely involved in an effort for that business or service to recover that debt. Either way, a third party often gets involved - a debt collector. This is a company or person, including collection agencies or lawyers, who collect outstanding debts owed to others when those debts are severely past due.