The National Retail Federation (NRF) expects U.S. holiday retail sales to rise between 3.6 and 4 percent in November and December 2017. The retail trade association’s annual holiday spending forecast predicts that consumers will collectively purchase $678.75 billion to $682 billion in gifts and other holiday-themed products. Retailers benefiting from the seasonal spike in revenue…
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A recent survey and study by GOBankingRates addresses the current debt of “the average American.” The debt study results indicate that household debt is on the rise after dropping during the Great Recession (2008 – 2012). GOBankingRates was launched in 2004 to offer consumers competitive interest rates on financial products in conjunction with informative personal…
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An article about state debt collection regulators in the November 2017 issue of Collector magazine is a timely reminder to agencies operating across the United States. Penned by Editor Anne Rosso May, “Getting Your Ducks in a Row: How to make your life easier when state regulators come knocking” serves as a checklist for agencies…
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Tax season collections bring good tidings to organizations with a solid tax season strategy. Over the next few weeks, the IRS will announce the date it will begin accepting 2017 electronic tax returns (typically mid-January), marking the official launch of the 2018 tax season. To maximize collection results from February to May, U.S. businesses with…
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Building and maintaining internal collections operations while remaining compliant is no small task. Effective debt collections requires specialized training, personality traits, technology, security measures, expert leadership and compliance. In addition to the expected legal consequences, the potential fallout of inadequate planning, operations and compliance at internal collections departments weighs heavily on the mental health of…
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Using external collections to recover debt is a tried-and-proven method that can deliver extraordinary results. On the other hand, mounting internal campaigns to avoid paying contingency fees is tempting, but the high startup costs and complex compliance requirements generally outweigh the potential savings. Furthermore, just one compliance blunder may result in expensive litigation, regulatory fines,…
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