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Collection Industry Gets Ready For Young Adults

Todays Date: December 11, 2018

The most current analysis of the American economy shows that incomes are decreasing for those just begining. The Collections Industry has reason to believe that this paradigm shift will be permanent.

Young adults are the most uninsured demographic of any group in the United States. 30% of young adults are not insured today. Despite the fact that the majority of uninsured young adults are employed, a number of uninsured young adults work in low wage jobs and for employers who offer limited or no health care coverage.

With this much young adults already struggling to pay everyday expenses, debt collectors should step back and take a look at this situation. Uninsured young adults are two times as likely as those with private insurance to have no education beyond high school. That limits their future earnings potential.

Because of the financial problems in 2008, stricter credit standards will most likely make it harder for a number of young adults to pay for post graduate education or get loans for “good debts,” such as a home.

This as well as the new problem of cell phones, makes it harder than ever for bill collectors to get into contact with consumers. John Monderine, owner of Rapid Recovery Solutions alleges that over 40 percent of his consumers don’t have landlines at this moment.

People who do research in the field think that more methodical profiling systems will be made to help collection agencies in collecting those accounts where there is an active cell phone and information from bureaus to see if the debtor has a new address or phone number.

Many collection firms are getting ready for younger adults, attempting to use the ways that they like to communicate and do business. One collection company recently added an online system that permits debtors to make payments on the internet, rather than deal with a collector in person.

Mallory Megan is employed by a debt collection agency. She also writes stories on business, finance, consumer spending and collection agencies.

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