Study finds Americans spending more, saving less

As a short term financing or debt collection agency, you can build reputability by showing care and offering advice for your consumers. Millions of Americans are feeling the effects on an economy that only recently started to recover from the most recent recession, and the stagnancy of job growth only further hinders people's ability to live comfortably.  The following year may prove just as difficult as 2011. According to Jeffrey Lacker, Federal Reserve Bank of Richmond President, the economy will experience moderate improvements. Knowing this, Americans may need to counter their recent spending increases. By providing your clients with financial advice, you can increase the likelihood that they save more and pay you back faster. The Harris Poll #5, a study conducted by Harris Interactive, reveals that Americans are spending more and using fewer common saving strategies. 61 percent of Americans revealed they purchase items from generic brands, a 6-percent drop from the previous poll taken in June 2011. More than 40 percent said they bring their own lunch to work, down approximately 5 percent from June 2009, the organization explained. "These results may indicate one of two things - either, Americans have made many of these changes previously, so the numbers are dropping as these items are no longer seen as 'new changes', but rather the norm, or Americans are actually starting to spend money in some of these areas again," Harris Interactive says. By overseeing a client's credit report, you can monitor their financial habits and make a fair assessment as to whether or not they can pay and if they could use some saving advice. Consumers that overspend should be advised to save money for debt payments. While it may be considered abusive by the Fair and Debt Collection Practices Act to demand a debtor stop spending on luxurious items, a bad credit report tag can be submitted to his or her credit agency. This may encourage a debtor to spend less and pay off debts more. The legal route should be the last resort for a debt collection or short term financing agency, but when all else fails, this may be the only pull you have to get the money that is rightfully yours.