Debt Collectors Made Big Profits While You Were Stuck at Home
While you were stuck at home, debt collectors saw fish in a barrel to collect on past due balances
While so many consumers and small businesses are fighting tooth and nail to stay afloat, a survey from Prodigal Technologies, Inc, indicates that more than half of Debt Collectors outperformed their pre-COVID metrics. Prodigal’s press release on their survey attributes several factors to the uptrend, but one factor in particular for successful debt collection firms was that they were better able to track borrowers while consumers were stuck at home with Safer-at-Home orders.
This data should be an important point for consumers weighing their debt relief options. There many companies who have built their business upon the collection of debt. And all of them are built on deriving a profit from getting people to pay money, no matter how debilitating a situation may be. So whether you have a difficult individual circumstance or a national crisis, these companies don’t make a profit by being sympathetic – they make a profit when you pay.
The Prodigal survey also attributes the use of technology, strategic layoffs, and the use of PPP funds as bolstering Debt Collector’s bottom lines.
If it sounds like these companies put profit ahead of people, frankly, that shouldn’t be news. But while debt collectors are making cold decisions on their bottom line, so often, consumers weighing their debt relief options are saddled with emotional baggage – feeling of guilt, fear, and stress. Often, these emotions can make it difficult to move forward and find an option that can best get the debt under control.
Debt Collectors have Figured Out Their Options – What Are you Doing for Debt Relief?
First, I know it might sounds obvious, but have you really looked under every rock to save on your budget? Interest rates are at historic lows, and taking some time to review your bigger loan expenses like your mortgage or student loans may yield some opportunities to keep a few bucks in your bank account.
The Law Office of Michael A. Ziegler, PL: Debt Fighters helps Florida consumers get in control of overwhelming debt. We are different in that we evaluate both bankruptcy and non-bankruptcy options to get debt under control to find the option that best suits a consumer’s situation. Depending on circumstances, we may evaluate the following debt relief options:
- Debt Consolidation: You resolve your debt with an affordable monthly payment while an experienced attorney negotiates your debts for you.
- Chapter 7 or Chapter 13 Bankruptcy: Resolve your debts with a Chapter 7 Discharge or a Chapter 13 Payment Plan set under the bankruptcy code.
- Debt Collection Harassment Claims: Even if you owe a debt, Debt Collectors have to treat you with decency. Let debt collectors know that your rights and privacy should be respected.