Consumer debt reached $12.84 trillion in the second quarter of 2017, surpassing the previous all-time high of $12.68 trillion in 2008 by $164 billion, the Federal Reserve Bank of New York reports in its Quarterly Report on Household Debt and Credit. The report, released earlier this month, marks the 12th consecutive quarterly increase. A rise in…
A second warning about consumer credit card debt indicates Americans have returned to spending more with borrowed funds. Released June 8, the WalletHub analysis is a snapshot of 2016 consumer spending data. This blog covered the specter of increased consumer credit debt combined with higher delinquency rates in the article “Consumer Spending and Debt Increases…
The California Association of Collectors — the largest state-level organization of credit and collection professionals in the nation — will hold the 100th installment of its Annual Conference and Expo October 9 – 10, 2017. The event features a legislative update, distinguished speakers, a tradeshow with collection tools and services, educational seminars and ACA training.…
Quality assurance is used in many industries, including manufacturing where it is often called stress testing or failure analysis. Optimized production assures safe drugs in pharmaceuticals, a successful return to earth in aerospace, and seamless functionality in software development. Quality assurance (QA) operations are generally intertwined with government compliance to protect the purchasers of goods…
Petaluma, California (August 16, 2017) — The staff of Optio Solutions, an accounts receivable management firm, contributed $4032 to the American Cancer Society during a two-month fundraising effort. Optio and its affiliates are currently ranked third among 44 corporate teams engaged in the program. Employees from offices in Petaluma, California and Fargo, North Dakota participated…
Billing may be one of the toughest things about running as seasonal business like that of a swimming pool contractor. Work flows fast and furious for a fixed period of time, and you have to put in the hours to take care of your customers and to book as much revenue as possible. That’s usually…
Hiring a debt collection agency is a microcosm of making personal decisions. Sometimes there are too many choices complicating the selection process — like trying to decide what to order at a restaurant with a lengthy menu. Other times, there are several options of equal weight, making it difficult to choose which one to act…
Many industries engage in some form of predictive analytics — from meteorology and oncology to Wall Street and sports television — but the mathematical analysis of debt collections operations is a fairly recent addition. Call center managers now harness the power of predictive data to garner better results for their clients and gauge the effectiveness…
Consumer debt reached $3.71 trillion in 2016, a new record high according to the Federal Reserve’s Board of Governors. When accounts go unpaid, businesses pay the price. To recover revenue and optimally manage all accounts receivable, many businesses choose to hire a debt collection agency. Average Costs of a Debt Collection Agency Hesitations due to unknown…
Two recent reports may drive institutions servicing consumer finances — especially those involved with loans, credit and debt collections — to step up their operations. The American Bankers Association’s Consumer Credit Delinquency Bulletin stated on July 6 that “consumer delinquencies rose in 7 of the 11 individual consumer categories” that it tracks. Just days later,…