Do you think debt collection strategies are getting out of hand? I do, but I also think it’s a consequence of how debt is handled on both ends these days. A commercial collection agency witnessed that many people take on debt with little or no intention of paying it back. Companies offer loan products, credit cards and more at high interest rates to saddle people with debt that they might not be able to pay back. You can safely say there are disconnects in place, but at the same time, it can all be chalked up to the fact that debt is its own industry.
Obviously, there are many debt products that fall into various industries, but debt collectively is its own industry. Think about those debt collectors and how quickly they come calling these days. They don’t just call you anymore either, as they will try just about every trick in the book to get you to pay. Do you think the large corporations are that worried about it? While they do have to watch out for bad debt, it’s all a numbers game to them. What they do is sell whatever is going to make them money, and consumers go along with it to try and keep up with the rest of the world.
Then those debt collection agencies come along and buy up bad debt so that the businesses don’t have to worry about it anymore. There are also tax laws that work out to their advantage. The debt collection agencies are in it for themselves, and they will try just about everything to get consumers to pay. The practices they used have long been talked about, and people are starting to become the wiser.
However, debt collection agencies are also getting more creative. They will make you think your whole world is about to come crashing down, and talking to them isn’t often going to get you anywhere. It’s a business to them, and it’s all about buying that bad debt up for cheap and hoping to collect the potential profits.
It can be a high stress position if you talk to debt collectors about what they do for a living. It makes you almost feel sorry for them, as they are just pawns in the game. However, it’s sometimes hard to feel sorry for people that are threatening others with legal action. Consumers are also responsible for the debt industry. It’s a cyclical process, and those debt collection agencies will continue to reinvent themselves as America goes further and further into debt.