Company Spotlight: Select Resource Group & Why Consumers Should Thank Debt Collectors!

Why Consumers Should Thank Debt Collectors

Yep, we said it. It’s not written incorrectly, but popular to contrary belief, debt collectors actually help consumers. And not just the consumers they speak to on the phones, but ALL consumers. What debt collectors and debt collection companies do, adds tremendous value to our United States’ economy. And that’s exactly why consumers should thank debt collectors! We all should! Below, you will learn exactly how they do it!

We’ve written about it before, there’s a misconception about debt collection professionals. Whether the collectors are collecting on consumer debt, such as; credit card, student loan, healthcare, and auto loans, OR commercial debts for business to business transactions, or business to consumer transactions. At the end of the day, we all borrow money or request services. And those who lend us the money, or provide the requested services, have an expectation that they will be repaid, or paid for their services. In contract law, this could be referred to as quid pro quo which means “something for something” in Latin. Basically, an exchange of goods or services, where one transfer is contingent upon the other. The only way an economy can be successful is if people live up to their end of the bargain.

One of our Company Members on our site; Select Resource Group whose profile can be found HERE, posted a very interesting article on their website with the title; How Collection Agencies Help the Economy. We’ve included the article below. But you can find out more about their company by visiting their website.

HOW COLLECTION AGENCIES HELP THE ECONOMY – by Select Resource Group Dec. 18, 2014

Collection agencies have typically gotten a bad rap and just the idea of being contacted by one is sometimes enough for a consumer to pay what he or she owes. However, for those select few who either cannot afford the payment, lost or forgot about the bill, or simply never received an invoice, there are debt collectors.

Debts can range from less than $100 all the way to thousands. However, the economy is built on the basis that those who provide goods and services will be paid for them. When consumers try to avoid payment, this causes a breach in that structure. Thanks to a study by the Association of Credit and Collection Professionals (ACA), we are able to show both business owners and consumers just how helpful collection agencies are to maintaining the economy.

Nearly $45 billion dollars was put back into the economy in 2013.

A study has been conducted every few years since 2004 showing the exact amount of money that debt collectors have been able to bring in annually. The number has been continually increasing from $39.3 billion in 2004 to $44.9 billion in 2013.

Prices stay lower.

When businesses aren’t paid for their goods or services, they have to make up the loss somewhere. This would usually result in rising prices. However, when collection agencies are able to collect past-due debts, this keeps price points much lower. In fact, studies show that collection services save the average household at least $350 each year.

Collection agencies help you keep your job.

Another way to make up for the loss would be to let staff members go. How can a company pay its employees when its consumers aren’t paying their bills? Not only that, but it is estimated that collection services have doubled in the last 15 years, opening up at least 150,000 more jobs.

They keep businesses in business.

It is impossible to run a business if you’re not generating revenue. Collection agencies help business owners to keep their business on the up and up by collecting past-due debts–even dating back 10 or 20 years, in some cases.

Regardless of the stigma behind them, there is no doubt that collection agencies help the economy. Although a survey conducted by the ACA states that 97% of consumers believe that it is their duty to pay for the goods and services they receive. Collection agencies are here to collect from the remaining 3% and keep the economy running.

Below is a brief bio on Select Resource Group. You can visit them on Facebook by visiting their page HERE or you can follow them on Twitter @SRG_Collections. If you’re looking for a job with Select Resource Group, they’ve posted openings on their profile on the site, so join today and find out what they’re offering!

Select Resource Group is a financial services industry company, located in North Charleston, SC, that specializes in collecting accounts receivables for companies that have been denied payment for products or services rendered. We employ powerful performance tracking techniques and analysis tools that enable us to deliver significant liquidation on distressed receivables for our clients. With years of experience in the collection industry, our senior management team provides top-quality services to small, medium, and high-volume businesses.

2 Comments

1. 

   RICHARD GIOMUNDO - January 2, 2015, 12:06 pm Reply

   I HAVE WORKED IN THE COLLECTION FOR OVER 25 YEARS AND YOUR COMMENTS REGARDING THE COLLECTION BUSINESS IS ALMOST CORRECT . THE EXCEPTIONS ARE THE ONES THAT MAKE COLLECTIONS AGENCIES GET A BAD NAME BECAUSE OF THEIR ILLEGAL COLLECTION ACTIVITIES TO DEBTORS AND THE WAY THEY TREAT THEIR EMPLOYEES…

   • 

     Connection2Collections - January 2, 2015, 12:14 pm Reply

     Thank you for your feedback Richard! You are right, there are many individuals and even companies who are out there giving the responsible and professional debt collectors a bad name. The illegal practices that they undertake shed a spotlight on the bad side of the industry. Our goal is to shed light on the positives and good that come out of the industry that the media seems to ignore.

     As for the way companies within the industry treat their employees, we hope that by creating a professional social network of collection professionals, and collection businesses, it will create healthy competition between the companies in search of the best talent, and this way further ensuring to our candidate users that the bar will be raised for employers to treat their staff adequately and they have to be a top employer to get the best talent.

     Thanks for your feedback!