Every debt collector can benefit from keeping up to date with the economy and job growth, as it ties directly into the debt collection effort.
Although there was progress in 2011 regarding the economy and employment rate, both mediums' growth remain stationary, The New York Times reports. The unemployment rate has dropped 1.5 percent since October 2009, according to the U.S. Bureau of Labor Statistics. Still, millions of Americans are without a job, and many others merely have a temporary position. "The reports on balance suggest ongoing improvement in economic conditions in recent months," the Federal Reserve said in a statement. "The combination of limited permanent hiring in most sectors and numerous active job seekers has continued to keep a lid on general wage increases." It seems as the United States has surpassed its economic lull and is slowly on the rise. As a debt collector, you may have a list full of debtors who are out of jobs or short on funds. For the consumers who are truly unable to pay debts, you may want to consider offering them alternative refinancing strategies, such as a home equity loan.