The debt collection industry has grown sharply this year as higher borrowing costs and the fallout from the credit crisis force more companies and individuals into difficulties, according to figures due out on Tuesday.

The size of the industry has almost tripled since 2003, growing from £8.6bn ($17.7bn) of debt sold on to professional collection agencies to £22.7bn by the end of this year. It is also forecast to grow to £24.1bn by the end of next year.