consumer debt

NRF 2017 Holiday Sales Forecast and Consumer Debt

The National Retail Federation (NRF) expects U.S. holiday retail sales to rise between 3.6 and 4 percent in November and December 2017. The retail trade association’s annual holiday spending forecast predicts that consumers will collectively purchase $678.75 billion to $682 billion in gifts and other holiday-themed products. Retailers benefiting from the seasonal spike in revenue…

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debt study results

2017 Debt Study Results from GoBankingRates

A recent survey and study by GOBankingRates addresses the current debt of “the average American.” The debt study results indicate that household debt is on the rise after dropping during the Great Recession (2008 – 2012). GOBankingRates was launched in 2004 to offer consumers competitive interest rates on financial products in conjunction with informative personal…

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external collections

Internal vs External Collections, Pt 2: Mental Health

Building and maintaining internal collections operations while remaining compliant is no small task. Effective debt collections requires specialized training, personality traits, technology, security measures, expert leadership and compliance. In addition to the expected legal consequences, the potential fallout of inadequate planning, operations and compliance at internal collections departments weighs heavily on the mental health of…

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external collections

Internal vs External Collections, Pt 1: Compliance Defiance

Using external collections to recover debt is a tried-and-proven method that can deliver extraordinary results. On the other hand, mounting internal campaigns to avoid paying contingency fees is tempting, but the high startup costs and complex compliance requirements generally outweigh the potential savings. Furthermore, just one compliance blunder may result in expensive litigation, regulatory fines, brand damage or all of the above.

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