Rising gas prices could hamper consumer spending

As the cost of living rises, so too will the frustration levels of both debtors and debt collectors. According to Forbes, gasoline prices are expected to rise significantly this summer, which will ultimately hinder the progress made in the consumer market in recent months. With the current crisis in the Strait of Hormuz, market prices may soar.  "Even the belief that there is a realistic chance that Iran could attempt to do so could send crude prices, and very quickly thereafter gasoline prices, spiraling upward," Neal Walters, a partner in A.T. Kearney’s energy practice, said in a statement. According to Michael Feroli, chief U.S. economist for JPMorgan, the potential of gas prices exceeding or reaching $4 per gallon in April or May could result in a significant reduction of consumer spending. As a debt collector taking this in, you may find that your time is pressed to obtain debts before gas prices rise significantly. If you decide to take swift action toward a debtor, remember to continue operating under the standards of the Fair Debt Collection Practices Act, otherwise you will tarnish your company's or client's reputability.