Consumer Debt Is Reaching A Record High Of $4 Trillion How The Right Software Makes A Difference


Debt is at an all-time high.

It’s difficult to find an American adult today that isn’t struggling through some form of debt. One person may be attempting to pay off their credit card, set back thousands of dollars and only sinking further into uncertainty as their fees pile on. Another may find themselves at a loss on how to balance rent, food and medical bills. Student loan debt, in particular, is considered one of the highest forms of debt ever seen in American history. It’s through collection software are we able to make sense of numbers that seem insurmountable. How can dynamic recovery services help more people keep track of their debt?

There’s no time to lose. Let’s see how a debt collection management system can turn the tide.

A common thread of conversation today is the issue of debt and the difficulties of paying it all off. American consumers today owe over 30% of their income each year to paying down their debts, with outstanding consumer debt expected to reach a record high of $4 trillion by the time 2018 comes to a close. With rising figures like these it’s not hard to see why dynamic recovery services and collection solutions are in such high demand. When people are unable to pay their debts, and companies unable to receive the money they need, a lot of uncertainty is to be expected.

Debt takes on many forms. It can be a few extra hundred dollars on a credit card that inches higher and higher with each new month passed…or it can be a few thousand dollars due to an ambulance fee after an accident. Dynamic recovery services are a natural result of a population spending far too much money trying to get back to even ground again. Sadly, a recent study found over 75% of American workers believing they don’t have access to the latest efficiency-boosting technology. This includes legal case management tools, bank loan software and even basic software like Excel.

Where does this leave you and your own case and point legal software solutions? It’s important to see where you stand amid your employees and clients. Work overload is a serious problem nowadays, with ongoing data suggesting it to be one of the biggest barriers between workers and a more stable work-life balance. When employees fear they don’t have enough time to complete their tasks their overall productivity will decrease by as much as 70%. This means lackluster work, tired workers and a bottom line that is constantly out of your reach.

Software is a functional way of bridging the gap between understandable human error and the need for efficiency. The global enterprise software market is expected to exceed $500 billion by the time 2022 arrives, with both North American and Europe leading the charge in technological growth. According to recent research provided by Contegix on enterprise software users, nearly 50% of companies are actively planning on increasing their spending on software designed to improve customer service. This includes dynamic recovery services for debt payment.

A debt collection system needs to be accurate and up-to-date. Failing to keep up with the common reasons why people fall into debt, or their barriers toward payment, will only worsen an already vicious cycle. Dynamic recovery services need to be deeply understood by all employees to facilitate as much understanding between business and customer as possible. One study found companies admitting 50% or less of their desired user base fully adapt to new enterprise software, still relying on old-fashioned methods or outdated software that doesn’t reflect the curve.

Debt isn’t going away any time soon. With a little extra work, however, a debt-free future is a little more in our grasp.

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