According to the 2014 Credit.com American Dream Survey* the majority of respondents identified retiring financially secure at age 65 followed by getting out of debt as their top definitions of the “American Dream.” When asked about their priorities over the next year or two, nearly half of the respondents identified debt reduction among their top priorities, with credit card debt leading the way. The vast majority of these respondents (79%) indicated that they would be able to achieve this goal in their lifetime.
For the collections industry this comes as no surprise. A lot of times, simply informing a debtor about an unpaid invoice is half of the battle. For the majority of collection accounts, consumers genuinely want to pay their bills and whether it’s a lapse in memory, an insurance problem or a personal situation, a collection agency, when functioning as it should, can help a consumer get back on track and remove “dings” on their credit that adversely affect their ability to obtain financing.
So next time a collection agent rings your phone, you may consider engaging in a proactive manner to get a little closer to the “American Dream.”