Major holiday spending and the increased financial security of Generation Y

The debt collection business can be extremely frustrating. Rightly so, a skip tracer may lose their patience after constantly tracking down the same debtors over and over again on the phone and through email. Many times, there's no response on the other end and collectors are left leaving messages. Maintaining a business-like and open-minded approach through all this can improve your chances of collecting that debt. Just as important, you must analyze the current trends of consumer spending and the economy. Many Americans are struggling due to the lack of jobs and teetering economy, but there was a recent spike in spending due to the holiday season. For the first 39 days between November and December, Americans spent approximately $25 billion on entertainment and retail, according to comScore. These figures represent a yearly spur in spending that's only seen during the holidays and it will become more moderate as the winter months dwindle away. However, The Country Financial Security Index reveals that the coming two years will see Americans become increasingly financially secure. Keith Brannan, vice president of Financial Security Planning, urged Americans in a statement to begin the New Year with a strong fiscal plan as this will ensure savings to make up of for the holiday spending and stabilize future investments as the economy slowly resurges. "It's encouraging to see Americans becoming more upbeat about their financial outlook. Let's hope they can sustain that confidence in 2012," said Brannan. "Most people can build a financially secure future for themselves with the right planning. The New Year is an excellent time to get started. According to the index, 41 percent of young adults ages 18 to 29 feel they are currently financially secure, a 20 percent increase from the last report, and 73 percent are confident they will be able to pay off their debts in the foreseeable future, a 20 percent increase from October. This should give confidence to debt collectors. Increasing collecting efforts to the Generation 'Y' demographic may prove profitable in the next few months. In addition, the credit reports of debtors should be reviewed again following the holiday season to view spending habits. It's unfair to a debt collector if a consumer is spending hundreds of dollars on gifts without paying off some of their debts. You may consider filing a bad credit report in this case.