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As you all know, Canada now appears to be heading into an economic downswing. This means that the debt collection industry is going to shift into an even more agressive approach to collect money. That particular industry is already showing these signs given the way some people are being treated. Legal actions may increase, and so will their payment demands. In some cases, we are seeing this already as more an more people are seeking guidance and navigation in dealing with these economic and often emotional stressors.
Collectors are under tremendous pressure from their management who want to earn their bonus incentives based on their individual company targets, which is the responsibility of the collectors. This pressure to collect and earn commission for their agency, management, and lastly -and themselves is severely impacted during any sudden downward shift in the economy. During recession, it would be an all out struggle for survival in that industry. The recession of 1989-1990 was difficult for the debt collection industry, but it was a brief one. What we are heading into, or have already entered is not forecasted to be brief or a minor cause for concern.
I will be writing an article on http://www.cfwgroup.ca - www.cfwgroup.ca about the signs associated with more aggressive debt recovery, and what to look out for.
Reference on economic issues: http://www.cbc.ca/money/story/2008/10/06/recession.html - http://www.cbc.ca/money/story/2008/10/06/recession.html
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