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May 1, 2019Michael J. Scott

Consumer Collections

According the Federal Reserve, there are 59.5 Billion debit or credit card swipes a year in the United States. That boils down to 165 million swipes/day; approximately 15% of which occur in Texas (25 million/day; 1.8 million/hour; 30,000/minute; 500/second). That’s a lot of plastic, and much of this article will be geared to the type of consumer debt that is created in the retail debt arena. However, “any obligation or alleged obligation of a consumer to pay money arising out of a transaction in which the money, property, insurance or services which are the subject of the transaction are primarily for personal, family, or household purposes” is likely a consumer debt.

Debt Collection: Turning Your Receivables into Cash

Advising small business owners about collecting their receivables can be most useful if the advice comes before credit is extended on an account, rather than when the receivable is six months old. I have written this paper with the intent that I could make a copy of the outline and hand it to a small business client as a follow up to a conference in which I have explained the reality of turning receivables into CA$H.