While a significant portion of political debate in the United States has revolved around the domestic unemployment rate, the recent personal income stats released by the Bureau of Economic Analysis and the State of the Union Address by President Barack Obama may have given Americans and debt collectors something to look forward to.
According to the Bureau, Americans' personal income increased by 0.5 percent, a total of $61.3 billion, and disposable income increased 0.4 percent, a total of $47.1 billion. Debt collectors should review the income information of debtors with jobs to find if they have received significant raises. As the economy grows, more job opportunities and higher wages will become more attainable. "In the six months before I took office, we lost nearly 4 million jobs. And we lost another 4 million before our policies were in full effect. Those are the facts. But so are these: In the last 22 months, businesses have created more than 3 million jobs," the President said. The reduction of the unemployment rate to 8.5 percent and the recent increase in wages should serve as a positive sign for all financial institutions, especially short term financing and debt collection agencies.