There is a lot of important work done by reputable and professional debt collectors daily in this country. This work helps the overall economy, consumers that may be struggling with ongoing debt, and small businesses struggling to meet payroll and other expenses.
The debt collection industry helps larger organizations keep costs down and keeps the workforce employed.
The debt collection industry touches just about everyone. Regardless of whether we know it or not.
For many years, many in this industry flew under the radar and just did their jobs. With the media and others having an unfavorable perception of the debt collection industry, it’s no wonder.
However, debt collections serve a vital role in our economy. Those of us in the industry should be proud of our contributions that directly affect consumers and the business world.
How does the debt collection industry make a difference and why should we tell the world?
Helping consumers navigate debt and tough times
Properly trained and reputable debt collection professionals are an incredible resource for consumers with debt challenges. Many people think otherwise but an effective debt collector will take the time to listen to the consumer and analyze how that individual can meet their financial obligations in a manner that allows them to meet those responsibilities without causing them additional hardship.
In many cases, a consumer owes more than just the debt they are being called about. Because of this, a debt collector can assist that consumer in debt in making wise decisions about moving forward.
In short, reputable debt collection professionals actually help consumers, despite what many have thought over the years.
Consumers are treated with the dignity and respect they deserve
Aside from helping consumers, professional collectors take great care to conduct cordial and tactful conversations. Just because somebody owes a debt, doesn’t mean they should be treated poorly. There are many reasons why somebody has not paid a bill and professional collectors always consider this.
The only way progress is made is to communicate with consumers respectfully and with understanding. When consumers feel more comfortable discussing the money they owe to a business, a solution is not too far off.
Here at American Profit Recovery, everyone on our team takes a pledge to treat consumers and others with the dignity and respect they naturally deserve. Nothing gets accomplished without mutual respect so one of our first goals in our communications with consumers is establishing that rapport.
And because we handle debt collections for funeral homes, dental offices and medical practices, we understand the need for diplomacy and cordial communications.
Debt collections help keep costs down for everyday Americans
Guess what happens when a business starts to lose money. That organization needs to consider raising prices which ultimately affects consumers. A myth in the world of business is that many are flush with cash flow and swimming in money. But that’s not always the case.
And one main reason is because of late and non-paying customers.
Just about every type of business struggles with a percentage of customers that do not pay. This can only result eventually in raising prices which goes directly to the consumer.
The debt collection industry plays a major role in controlling costs across the board. And when customers meet their financial obligations to a business, it ultimately benefits all consumers that use that business.
For example, the debt collection industry in the United States returned almost $90.1 billion to creditors. Because of that, the average household saved $706 in a year.
And as a side note, that’s why it’s important for businesses of all sizes to get more comfortable using the services of a collection agency. It allows them to manage their costs and pricing far more effectively.
The collection industry is full of good people building a career
The images of dark and smoky rooms full of debt collectors is far from accurate. The bottom line, it’s just not true.
Working in the collection industry is not only a reputable career but one that many enjoy. Individuals who choose a career in this industry not only find purpose but thrive in business and in life.
Many in this industry share the purpose of helping consumers and businesses meet in the middle to preserve that relationship. But it goes even further than that. Many collectors feel a sense of purpose because they have helped the consumer out of a tough situation and as a result, enabled that consumer to get along in life with less debt.
Because of that, many debt collectors are actually complimented and thanked by consumers because they have received the guidance needed to navigate a difficult situation.
There’s more reasons for the debt collection industry to share what they do, how they do it, and the success stories. The industry plays a vital role in personal consumer finance, controlling costs for businesses of all sizes and the overall economy.
Remember these positives next time you hear someone speaking negatively about the collection industry.