New home sales and increased wages are signs debtors can start paying up

Two signs that give a general indication about the status of the economy are new home sales and personal income levels. Debt collectors can research such information to gauge whether they should expect or pursue payments. Consumers that make new home sales or have increased wages should be able to pay their debts. According to the U.S. Department of Commerce, personal income rose $8.5 billion in November. A skip tracer should be aware of their debtor's spending tendencies and paycheck statements. If a debtor gets a significant raise, they should be pursued immediately and asked to pay their dues before they begin a habit of spending. If a worker gets a raise, it may be enticing to go out and splurge with the access to increased funds. If a debt collector finds that a debtor is increasing their spending on retail instead of paying debts, a bad credit report can be filed to the debtor's credit agency. This may encourage a debtor to pay off their debt to immediately eradicate the negative tag on their credit history. The U.S. Commerce Department recently reported that new, single-family home sales rose 1.6 percent to a seasonally adjusted annual rate of 315,000 homes in November. This marks the third straight month this sector of homes has risen. "With today's report, we have now seen three straight months of modest gains in sales, starts and builder confidence in the market for new single-family homes," Bob Nielsen, chairman of the National Association of Home Builders, said in a statement. "While the numbers are still quite low on a historic basis, this upward trend indicates that the market is slowly finding its footing and bodes well for the months ahead. Our concern is that overly restrictive lending conditions for both builders and buyers will constrain this growth and postpone the arrival of a recovery in housing and the overall economy." A debt collector could show some patience after a debtor puts a down payment on a home because the homebuyer invested thousands of dollars and needs to save up for a while. However, they can continue to pursue payment after the debtor has somewhat financially recovered from the initial investment. Staying aware of wages and new home sales will give a debt collector a better gauge of how vigilantly to pursue debts from certain individuals.