A new study by The Kaplan Group shows that the debt burden has reached an all-time high for American households. We analyzed the evolution of auto loans, mortgages, credit card and student loans since 2003. Key Takeaways All-time high Auto loans, mortgages, and student loans are at an all-time high since 2003. Although the total … Read more
When it comes to collecting commercial debt, getting mad almost never leads to getting even. But the concern extends well beyond your bottom line. How to be 30% less effective in collecting business debt It’s simple. Just allow yourself to get absolutely furious about the situation, and BOOM. Your ability to recollect your money drops … Read more
Yes, it’s true. Debt collectors can now contact consumers on social media. Here’s the background and all you need to know about what debt collectors can and can’t do on social media. The History In November 2021, The CFPB made some long-awaited updates to the Fair Debt Collection Practices Act. The FDCPA was enacted by … Read more
Overly repetitive phone calls, threats, and other tactics can be considered creditor harassment. In this article we cover the consequences of harassment during debt collection.
We’ve talked about the FDCPA before. This is the federal law that protects consumers from being harassed by debt collectors. As we’ve mentioned before, the law applies only to consumer debt, not businesses. The law also only applies to outside debt collectors, not companies who are owed the money for product or services they provided. … Read more
Being in debt is nothing to be ashamed of. The current economy has hit a lot of businesses hard. If you have always prided yourself on being debt free, or good with money, you might be tempted to simply pull the covers of your head and ignore your current situation. Instead, I suggest you do … Read more
“We’re lowering your credit card limit,” is the last thing a business owner wants to hear. Businesses often use credit cards in the same ways that people do in their personal lives. This is not necessarily a bad thing. Credit cards are unsecured loans, meaning you do not have to put down collateral to use … Read more
No one wants to be in debt. However, there are times when owing money in order to reach a higher goal is a good thing. It can be argued that our economic system requires some level of borrowing and owing. So, knowing whether a debt is good or bad for you or your business is … Read more
Business debt is the hot trend no one wants to be a part of. Thanks to the global pandemic and resulting economic crisis, many businesses are having problems paying their bills. It would be great if you could take out some sort of insurance policy to help you pay bills in times of crisis. Unfortunately … Read more
If collection agents like me are calling you, you need to reduce your debt. The Covid-19 pandemic has been hard on a lot of businesses and business owners. People who have never been late with a payment in their life are suddenly facing a pile of bills. To avoid your account being sent to collections, … Read more
