Friday, November 13, 2015

Why Debt Collection Matters to the Economy

When most people think of debt collectors, they think of them as major pests- people who have nothing better to do than call and bug them while they’re out living their lives. In truth, however, debt collectors actually play a huge and important role in keeping the American economy flourishing by working hard to collect defaulted receivables and by keeping the number of people who default on debt and wind up in court, which leads to further costs, at a minimum.   

Having America in good economic standing is important for a wide range of reasons. To begin with, when the economy is flourishing, it benefits everyone. Consumers can enjoy credit, which they can, in turn, use to help them get ahead in life, providing they use it responsibly, of course.

However, when people fail to repay their debts, even if they’ve used the money borrowed for reputable purposes, such as starting a business, problems happen. It makes borrowing more expensive for everyone, and that causes all business owners, in turn, to have to charge higher prices for their goods and services.

Obviously, those who work as bill collectors are actually providing a very valuable service- they’re working to keep our economy strong and to make borrowing money and buying goods easier, cheaper, and more accessible for everyone. Sadly, though, these professionals often get an unfairly bad reputation.

And, to make matters worse, it’s the few and far-between bad debt collectors who everyone hears about. Rest assured, however, that there are good debt collectors out there, people who are just trying to do their job and play their role in making America stronger.

So, the next time you get a call from a debt collector or have to hire one to recover funds for your business, don’t think of him as the “bad guy” he’s really not! As long as the debt collector is acting professionally and ethically and following all federal and state laws related to debt collection, he’s really helping you and the country as a whole.  #KinumCollects

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